Stock Markets

US rate cut sends Tokyo stocks higher

US rate cut sends Tokyo stocks higherTokyo - Stocks in Tokyo rose in Wednesday morning trading after the US Federal Reserve cut interest rates to a record low, but a strengthening yen moderated the gains.

The benchmark Nikkei 225 Stock Average was up 91.14 points, or 1.06 per cent, at 8,659.16.

The broader Topix index of all first-section issues also rose 7.51 points, or 0.91 per cent, to 836.13.

On currency markets at 9 am (0000 GMT), the dollar was quoted at 88.73-78 yen, dipping from Tuesday's 5 pm quote of 90.29-30 yen.

US stocks rally on historic Fed rate cut

New York - US stocks rallied Tuesday after the Federal Reserve cut interest rates to a historic low and promised to use "all available tools" to stabilize the financial system.

The Fed slashed its federal funds rate to an unprecedented "target range" of 0-0.25 per cent, the first time it has not set an exact rate, in a bid to revive the US economy, which is already in a year- long recession.

The US central bank also said it was prepared to expand its already-massive efforts to inject liquidity into banks and other struggling companies in order to revive the world's largest economy.

US stocks climbed more than 4 per cent on the news but the dollar fell against the euro and yen.

Sensex Edges Up; HCL Tech Zooms 18%

Sensex Edges Up; HCL Tech Zooms 18%The Sensex has bounced back into the positive terrain after a fall from higher levels on the back of strong buying action witnessed across key stocks including Reliance Industries, Tata Motors, ONGC, Ranbaxy Laboratories, NTPC, TCS, ACC and Infosys Technologies.

Some of the major gainers in the Sensex were Grasim Industries, State Bank of India, Wipro, Jaiprakash Associates, Tata Power, ICICI Bank, HDFC Bank, Hindustan Unilever and BHEL.

At 14:19 hrs, the BSE barometer gained 2.12 points at 9834.51, while the broad-based Nifty stood at 2990.50, up 9.30 points.

Japan stocks fall on US manufacturing, Wall Street declines

Japan stocks fall on US manufacturing, Wall Street declinesTokyo  - Stocks in Tokyo fell Tuesday after a drop in US industrial production and overnight declines on Wall Street.

The benchmark Nikkei 225 Stock Average declined 96.64 points, or 1.11 per cent, to close at 8,568.02.

The broader Topix index of all first-section issues also was down 18.31 points, or 2.16 per cent, at 828.62.

Investors were also cautious, traders said, as they await the results of a US Federal Reserve meeting later Tuesday. The central bank was expected to further slash interest rates.

Japan stocks fall on US manufacturing, Wall Street declines

Japan stocks fall on US manufacturing, Wall Street declinesTokyo  - Stocks in Tokyo fell in Tuesday morning trading after a drop in US industrial production and overnight declines on Wall Street.

The benchmark Nikkei 225 Stock Average dropped 56.5 points, or 0.65 per cent, to 8,608.16.

The broader Topix index of all first-section issues also was down 11.86 points, or 1.4 per cent, at 835.07.

Investors were also cautious, traders said, as they await the results of a US Federal Reserve meeting later Tuesday. The central bank was expected to further slash interest rates.

Santander shares drop over Madoff

Santander shares drop over MadoffMadrid - Santander shares dropped by 2.1 per cent Monday after trading started at the Madrid stock exchange.

The fall followed an announcement by Spain's largest bank that one of its investment funds had an exposure of 2.3 billion euros (3.1 billion dollars) to Madoff Securities, a Wall street broker suspected of a massive fraud.

Fewer than 1,000 wealthy clients were exposed through the high-risk Optimal hedge fund unit, with institutional and international private banking clients accounting for 2.01 billion of the money.

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