InfoAnda - Global markets mixed after steep US interest rate cut

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Global markets mixed after steep US interest rate cut AFP - Thursday, December 18 LONDON (AFP) - - Global stock markets saw mixed fortunes on Wednesday as investors gave a cautious welcome to a steep overnight cut in US interest rates and digested a raft of European economic data. Wall Street had soared on Tuesday, sparking some modest gains in Asian trade on Wednesday, as investors applauded a Federal Reserve decision to cut its key rate to near zero and its pledge of more steps to revive economic activity. A wave of cheer swept across Wall Street last night as the Fed sought to impress with an aggressive 75 basis point rate cut, reducing headline borrowing costs in the US to just 0.25 percent, but the upside has already proved to be short lived," said CMC Markets dealer Jimmy Yates. In morning European deals, Paris sank 0.64 percent in value after French bank BNP Paribas revealed that its market trading activities had lost 710 million euros (1.0 billion dollars) in the first 11 months of the year. European investors also fretted over news that eurozone inflation tumbled to a 14-month low of 2.1 percent in November, with Frankfurt shares down 0.49 percent. However, London eked out a gain of 0.16 percent, despite gloomy news that the number of people claiming jobless benefits in Britain leapt in November by the biggest monthly amount for more than 17 years. In Paris, the share price of BNP Paribas slumped 16.42 percent to 34.56 euros. Deutsche Bank analysts said that there was a possibility of a "very negative" reaction towards shares which were likely to remain under pressure. In Asia on Wednesday, Tokyo won 0.52 percent, capping a rocky day after the drastic cut in US interest rates and a sharp spike in the yen. The market opened higher, tracking overnight US gains, but the rate cut sent the dollar plunging to a 13-year low against the yen, raising concerns in Japan that the country's exports will become less competitive. Hong Kong share prices jumped 2.2 percent, supported by gains of property stocks after the big US rate cut, dealers said. The Sydney market picked up 0.7 percent and Shanghai added 0.09 percent, while Singapore closed on a stable note. On Tuesday, the Fed reduced the target fed-funds rate from one percent to a range of zero to 0.25 percent -- the lowest since it began publishing the target in 1990 -- and said rates would be kept "exceptionally low" for now. The Fed's decision, aimed at reviving the world's biggest economy, sent US shares surging, with the Dow Jones Industrial Average jumping 4.2 percent and the Nasdaq adding 5.4 percent. Wall Street reopens Wednesday at 1430 GMT. But analysts said the aggressive move highlighted deep troubles in the United States and raised concerns about severe deflation if the rate cut fails to kick-start consumer spending. "Such 'whatever it takes' policy underlines the dire economic situation in the US," said analysts at Calyon, the investment banking arm of Credit Agricole. 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 The US Federal Reserve Building is pictured in October 2008 in Washington, DC. Global stock markets have seen mixed fortunes as investors gave a cautious welcome to a steep overnight cut in US interest rates and digested a raft of European economic data. Most Popular – Top Stories Viewed 'Dark energy' expands, contracts universe: researchers Bush laughs off Iraq flying shoes drama Actress Jennifer Aniston appears naked in GQ magazine Fed cuts rate to virtually zero, will expand stimulus moves OPEC agrees to record cut in oil output: Saudi minister View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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