InfoAnda - Markets soar on stimulus plan despite WTO warning

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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 Singapore Asia Pacific World Search Search: Markets soar on stimulus plan despite WTO warning AFP - Wednesday, March 25 TOKYO (AFP) - - Upbeat investors sent stock markets soaring Tuesday on hopes of a quick fix for the economic crisis, despite a warning that world trade is set for its biggest fall since World War II. ADVERTISEMENT As Wall Street leapt nearly seven percent overnight, Asia enjoyed its second straight day of gains based on high expectations for the new US plan to mop up banks' toxic debt. Japan's Nikkei index shot up 3.32 percent, Sydney's bourse rose 0.84 percent and Seoul closed up 1.85 percent. Hong Kong's Hang Seng Index was 1.59 percent higher after the morning session. South Korea also announced a record 28.9 trillion won (20.9 billion dollar) recession-fighting extra budget, and said it had reached a tentative deal in marathon free-trade talks with the European Union. The Nikkei, which tracks Asia's biggest stock market, has now gained on six of the past seven trading days as confidence grows that the world can find a way out of the worst economic slump since the 1930s Great Depression. The World Trade Organisation said import growth posted by China, Singapore, Taiwan and Vietnam in February may be a sign that the downturn is "bottoming out." "While this is only a single month of data, and should therefore be interpreted cautiously, it could be evidence of slowing decline and perhaps a 'bottoming out' of negative trade growth trends," said a WTO report. However, the WTO forecast that global trade would plunge about nine percent this year -- its steepest fall in the post-war period. Trading volumes of the developed economies are set to contract 10 percent this year, while trade in developing economies should slip 2.0-3.0 percent, the WTO said, warning of "substantial downside risks" to the overall projection. "The collapse in global demand brought on by the biggest economic downturn in decades will drive exports down by roughly nine percent in volume terms in 2009, the biggest such contraction since the Second World War," it said. International Monetary Fund (IMF) chief Dominique Strauss-Kahn also offered a bleak assessment of the "dire" global economy, warning that the crisis could spark social unrest and even war. "The situation remains extremely worrying and difficult. It is the first setback for the world economy in over 50 years," he said at an International Labour Organisation meeting in Geneva. The IMF earlier predicted the world economy would shrink 1.0 percent this year, its first contraction in six decades, while the ILO has said the slump could claim up to 50 million jobs. Strauss-Kahn predicted that the global recession would affect "dramatically unemployment for many countries. It will be at the roots of social unrest, some threats to democracy and maybe for some cases, it can also end in war." "This crisis must not be allowed to become a wasteland of unemployment," he added. South Korea, where joblessness is on the rise as it teeters on the edge of recession, unveiled an extra budget double the size of its package moved during the 1998 Asian economic crisis. The 20.9 billion dollars in spending is aimed at saving and creating jobs, supporting small businesses, investing in new growth and helping the poor and unemployed, officials said. "Reflecting changed economic conditions at home and abroad, the government decided to draw up this extra budget to overcome the current crisis as quickly as possible," said Finance Minister Yoon Jeung-Hyun. South Korean officials also said they had reached provisional agreement on "almost all" issues standing in the way of a free-trade deal with the European Union, its second largest trading partner, after nearly two years of talks. Meanwhile executives from troubled US insurer AIG said they would give back 50 million dollars in bonuses, after public outrage over the use of government bail-out money for the payments. US Treasury Secretary Timothy Geithner faced calls for his resignation over the affair, but he has enjoyed a largely positive response to his plan to set up a market for bad assets and debts weighing down the banking system. 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: China's Economy China's Geely to pay up to $40 mln in DSI purchaseReuters - Saturday, March 28 China Baoshan Iron & Steel profit down 49.2 pctAFP - Saturday, March 28 Natural gas plunge drags down energy pricesAP - Saturday, March 28 China currency reserve idea a distraction - CanadaReuters - Saturday, March 28 Related Articles: Business Malaysia readies for new PM promising reformReuters - 1 hour 50 minutes ago Pakistani cenbank buys 9 bln rupees of T-billsReuters - 1 hour 52 minutes ago Malaysia says 2010 budget spend to be 200bln ringgitReuters - Saturday, March 28 India's Infosys eyeing US buy opportunities-paperReuters - Saturday, March 28 Taiwan's Chinatrust puts Mega Fin. stake under trustReuters - Saturday, March 28 Enlarge Photo Markets soar on stimulus plan despite WTO warning Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Hot tea linked with throat cancer Pope 'publicly distorted' condom science: Lancet Red meat raises death risk, white meat lowers it Scientists see asteroid hurtle to Earth End western control of IMF, World Bank: Britain View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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