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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Global stocks mostly rally on rate cut hopes AFP - 2 hours 49 minutes ago LONDON (AFP) - - Global stock markets powered ahead on Wednesday as hopes mounted for further interest rate cuts to try and ward off a global recession, analysts said. The US Federal Reserve was widely expected later to slash American borrowing costs later on Wednesday, with dealers betting on a half-point cut to 1.0 percent. Tokyo shares rocketed 7.74 percent as the expected US rate reduction and hopes of a similar move in Japan lifted Asian markets, with Sydney rising 1.3 percent and Hong Kong up 0.51 percent. In European opening trade, London surged 5.59 percent and Paris won 6.51 percent, but Frankfurt dived 7.53 percent as Volkswagen shares crashed after recent bumper gains. The German market was later down 2.14 percent. Amsterdam jumped 6.32 percent, Madrid was up 6.68 percent, Milan gained 6.72 percent, Warsaw added 4.42 percent and Zurich leapt 4.50 percent. Wednesday's stock market action came after Wall Street's Dow Jones index had soared overnight by almost 11 percent or 889.35 points -- the second-largest point gain in history. "The global rally continues," said BetOnMarkets analyst David Evans in London. Shares prices on Nordic stock exchanges rose sharply. Copenhagen gained 5.99 percent, Stockholm advanced 4.60 percent and Helsinki was up 5.65 percent. Stocks in the energy-rich Gulf region were also trading higher, mirroring the strong global rebound, but the Kuwait market continued its woes. Later on Wednesday, the Fed was expected to reduce its key lending rate, while speculation was growing that the Bank of Japan would lower its already super-low rates on Friday to shore up Asia's largest economy. "It appears that expectations for imminent interest rate cuts by the major central banks and some signs that the credit freeze is thawing overwhelmed more bad news on economic growth," said NAB Capital analyst John Kyriakopoulos. "Central banks around the world are now taking more decisive monetary policy action to cushion the slump in economic activity." On the downside in Asia, South Korea closed 3.0 percent lower after a highly volatile session. Tokyo's market was helped higher by a weaker yen, helping exporters, on the back of the rates speculation. Although the Japanese currency rebounded slightly against the dollar it was trading well off highs earlier this week. Some analysts expressed surprise at the sharp upturn in equities, saying that bargain hunting and a massive buying rush by "short sellers" who had bet on lower prices helped fuel the advance. The US Federal Open Market Committee headed by chairman Ben Bernanke was expected to announce its decision at about 1815 GMT on Wednesday. "The Fed is hoping that low rates, along with efforts to increase liquidity, will spur greater lending and borrowing, unfreezing credit markets," said Augustine Faucher at Moody's Economy.com. But some analysts say the move would be largely symbolic because the actual rate of overnight interbank loans is in fact well below the Fed target following extraordinary efforts to pump liquidity into a strained banking system. "Although its too early to celebrate, traders are seeing signs that the credit market, which earlier this year paralysed the stock markets, is easing up," added Evans of BetOnMarkets. "While we are not certain if this was the bottom of the barrel, what we are certain of is that volatility will continue." The Nikkei business daily said on Wednesday that Japan's central bank was considering cutting its super-low interest rates by 25 basis points to 0.25 percent on Friday -- the first such move since March 2001. Analysts said that a rate cut in Japan now seemed likely and markets would be disappointed if the BoJ does not act. "The rise in share prices seen even in the US suggests the possibility of a sharp negative reaction if the BoJ now fails to cut rates -- a situation that could force the bank's hand," said Barclays Capital analysts. Meanwhile, the OPEC oil producers' cartel has warned that it may again cut production as crude prices tumble, shrugging off criticism from Britain and the United States. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Newmont 3Q profits fall 51 percent on higher costsAP - 57 minutes ago European stocks up after Dow surgeAP - 1 hour 9 minutes ago China investigates tainted eggs in new food scareAP - 1 hour 11 minutes ago Oil bounces off 17-month lowAP - 1 hour 12 minutes ago Qwest 3Q profit down; will cut 1,200 jobsAP - 1 hour 13 minutes ago Enlarge Photo Global stocks mostly rally on rate cut hopes Most Popular – Business Viewed When men see red, they see hot: study World's fattest man weds friend's widow Desperate pleas end in despair as starlet's nephew found dead Markets rebound ahead of key US meeting Australian central bank intervenes as dollar falls again View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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