New hopes send shares surging
08-12-2008
Asian stocks have risen in early trade, as hopes grew for fresh action by the US authorities to fight a deepening recession in the wake of massive job losses. There were also signs that crisis-hit American carmakers may finally secure financial lifelines to avert an industry collapse that threatens to send the world's largest economy deeper into a slump. Share prices surged more than 7 percent higher in Hong Kong, and jumped 5 percent in Tokyo."Job losses of this magnitude dismiss the notion this recession's just another blip that will blow over soon," said Jan Lambregts, head of Asia research at Rabobank International. "They should also prove constructive ground for further policy action, both on the monetary and fiscal front," he added, predicting another cut in US interest rates next week.
++++++++
Stimulus hopes send shares surging
08-12-2008
Hong Kong share prices have closed 8.7 percent higher, as regional markets rocketed on hopes of more economic stimulus measures in the United States. The Hang Seng Index ended the session up 1,198 points at 15,044, led by redchips and H-shares. Tokyo and Taipei both climbed over 4 percent. Markets on the mainland were up between two and three percent.
++++++++++
HSI 1,040 higher in morning session
08-12-2008
The Hang Seng Index ended the morning at 14,886 - that's 1,040 points up on the last close. Turnover was HK$35.4 billion. The American dollar's trading at 92.86 yen. The euro is standing at US$1-27. And the pound is worth HK$11-41.
