New York  - US stocks slid more than 5 per cent on Wednesday, taking the Dow Jones Industrial Average below the 8,000 mark for the first time in five years, amid gloomy financial news and fear for US automakers.

The economic fears were fed by the release of minutes from the last Federal Reserve board meeting that showed members believe the US economy will contract between now and mid-2009, and suggested more interest rate cuts could be necessary. Other economic news showed US consumer prices fell 1 per cent in October, the largest one-month decrease since inflation prices started being published in 1947.

Beijing - China's two stock markets soared by more than 6 per cent Wednesday, buoyed by speculation of more government economic measures and an overnight rally on Wall Street.

The key Shanghai Composite Index, which tracks shares traded in foreign and local currencies, gained 115.04 points, or 6.05 per cent, to close at 2,017.47.

The smaller Shenzhen Composite Index ended the day up 32.33 points, or 6.16 per cent, jumping to 557.31.

Both markets had lost more than 6 per cent Tuesday after strong gains last week and Monday.

New Delhi - Indian markets Wednesday snapped a five-session losing streak and were in the positive territory with the benchmark Sensex climbing 3 per cent to breach 9,000 levels.

Indian equities opened positively despite none too encouraging global signals and moved up further in subsequent trading session as investors went bargain hunting after five successive days of losses.

The 30-share index, BSE Sensex opened with a gain of 33.47 points, at 8,970.67 on Wednesday.

Metal stocks, among the severely battered in recent sessions, were among the top gainers, while Oil, real estate, banking, capital goods and power stocks also moved up sharply.

Tokyo  - Tokyo stocks opened lower Wednesday on prolonged worries over the economic outlook.

The Nikkei 225 Stock Average declined 148.28 points, or 1.78 per cent, to 8,180.13.

The broader Topix index of all first-section issues was also down 13.29 points, or 1.59 per cent, to 822.15.

On currency markets at 9 am (0000 GMT), the dollar was quoted at 96.75-80 yen, up from Tuesday's 5 pm quotes of 96.60-62 yen.

New York - US stocks rallied at day's end Tuesday as energy and technology shares led the way and investors snapped up bargain basement prices.

The three major indices closed up despite a drop in confidence among homebuilders that was the lowest since record-keeping began in 1985, Bloomberg financial news service reported.

Hewlett-Packard Co jumped 14 per cent as earnings topped analysts' estimates, while Exxon Mobil Corp climbed more than 4 per cent.