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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Stocks rally as Russia urges economic reforms AFP - Tuesday, March 17 LONDON (AFP) - - Investors showed signs of fledgling optimism on Monday that the global financial crisis could be starting to ease as Russia unveiled far-reaching plans to overhaul the world economy. ADVERTISEMENT European and Asian stock markets rallied after US Federal Reserve Chairman Ben Bernanke said the United States had averted another 1930s-style Great Depression and was already seeing the "green shoots" of economic recovery. But observers cautioned that the new confidence could be short-lived. "It will take better news on the economic and/or financial front for the more optimistic tone to be sustained," said Mitul Kotecha, an analyst at French investment bank Calyon. "Data releases this week are likely to continue to paint a downbeat picture of the global economy" and banks still have a lot of "toxic debt" to clear off their balance sheets, he said. Finance chiefs from the G20 leading developed and emerging economies meeting in Britain at the weekend to prepare for a summit on April 2 said their countries would take "whatever action is necessary" to fight the crisis. But US appeals for governments in other leading economies to plough more public money into economic stimulus packages have been received coolly by France, Germany and other states that see tighter regulation as the solution. As expectations mount for the G20 summit next month, Russia unveiled plans for sweeping global financial reforms designed to weaken US dominance and consign what it called an "obsolescent" world economic order to the past. The Kremlin spelled out the principles for a "new international financial architecture" and proposed reforms of the international monetary and financial system as well as tightening international regulation and supervision. On world markets, stocks rallied for a fifth day amid heightened optimism. In his first television interview, the Federal Reserve chairman said on Sunday that no more big banks would fail and expressed confidence the world was not about to see a repeat of the 1930s Great Depression. "I think as those green shoots begin to appear in different markets, and as some confidence begins to come back, that will begin the positive dynamic that brings our economy back," Bernanke told CBS. Japan's Nikkei-225 index closed 1.78 percent higher while Hong Kong's Seng Index soared 3.6 percent. London's FTSE 100 index of leading shares was up 2.13 percent in afternoon trading and the CAC 40 in Paris soared 2.35 percent. Meanwhile oil prices slumped after the OPEC cartel decided against cutting output further at a meeting on Sunday, saying it would delay reductions until at least May to give the G20 nations time to respond to the economic crisis. Brent North Sea crude for delivery in April shed 2.04 dollars to 42.89 dollars a barrel in early London trade. New York's main futures contract, light sweet crude for April, dropped 2.40 dollars to 43.85 dollars a barrel. Saudi Oil Minister Ali al-Nuaimi said at an energy conference in Geneva on Monday that the "ideal" price for oil lies between 60 and 75 dollars a barrel. "Forty dollars is not enough ... I would say that the ideal price for ability of the marginal producers to put more resources in the market is in between 60 and 75 dollars," he said. Optimism on the stock markets was tempered by another raft of gloomy reports from Asia, with Singapore saying its recession will get worse this year before staging a weak recovery in the last quarter. Gross domestic product (GDP) is likely to fall 8.5 percent in the quarter to March from a year ago, more than double the 4.2 percent shrinkage in the fourth quarter of 2008, according to a central bank survey. China said foreign direct investment fell nearly 16 percent in February from a year earlier, while the Financial Times newspaper said Beijing may have lost 80 billion dollars in ill-timed investments of its foreign exchange reserves. The report comes after Chinese Premier Wen Jiabao said he was "a little bit worried" about the fate of China's huge investments in the United States. Australia also moved to head off rising unemployment, now at a four-year high of 5.2 percent, by slashing its number of foreign migrant workers. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo A businessman looks at the stock indicator flashing closing rate of the Tokyo Stock Exchange in Tokyo. Investors showed signs of fledgling optimism that the global financial crisis could be starting to ease as Russia unveiled far-reaching plans to overhaul the world economy. Most Popular – Top Stories Viewed Arrest warrant issued for Lindsay Lohan Twin boys for Charlie Sheen and wife Bailed-out AIG plans bonuses worth millions: report For sale: nagging wife, very high maintenance World Bank warns of "very dangerous" year ahead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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