Asian markets up but recession fears remain
All stock exchanges gain ground thanks to lower interest rates. Even Tokyo is considering cutting its interest rate.
Hong Kong (AsiaNews/Agencies) – Asian stock markets extended their recovery for a third day following heavy losses in the past few weeks after central banks reduced the cost of borrowing by slashing interest rates
By midday Tokyo’s Nikkei index rose 3.88 per cent. The Kospi Index jumped 11 per cent in Seoul. Hong Kong surged by 10.1 per cent. Other exchanges did well too: Taipei was up by 5.49 per cent; Singapore, by 2.5; and Shanghai, by 1.16.
In Europe and the United States interest rates were cut. Mainland China and Taiwan did the same. Japan's central bank is reportedly considering reducing its rate to just 0.25 per cent.
Analysts fear though that all these measures may not be sufficient to breathe new life into an economy already sliding into recession.
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