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Asian stocks soar as fears recede World stocks rise as fears recede
(about 3 hours later)
Asian stocks soared in Wednesday trading as investors hoped that the worst of the credit crisis may be over. European and Asian stocks rose on Wednesday as investors hoped that the worst of the credit crisis may be over.
Strong demand for a Lehman Brothers share offering, despite fears it could face similar problems to troubled rival Bear Stearns, boosted confidence.Strong demand for a Lehman Brothers share offering, despite fears it could face similar problems to troubled rival Bear Stearns, boosted confidence.
Hong Kong's Hang Seng index jumped 4.4%, while Japan's benchmark Nikkei 225 index was up 3.7%. In Europe, the Paris Cac was up 0.11% and the Frankfurt Dax up 0.18%. Hong Kong's Hang Seng index jumped 4.4% and Japan's Nikkei 225 index was up 3.7%.
Asian bourses were tracking Wall Street's gains after the benchmark Dow Jones index hit a one-month high. The rise came after the US Dow Jones index hit a one-month high on Tuesday.
"Investors believe the credit crisis in the U.S. is over," said Francis Lun, a general manager at Fulbright Securities in Hong Kong. 'Concerns easing gradually'
"Investors believe the credit crisis in the US is over," said Francis Lun, a general manager at Fulbright Securities in Hong Kong.
"They think the worst has gone.""They think the worst has gone."
This week, US investment bank Lehman Brothers and Switzerland's UBS have revealed new share issues to repair their balance sheets, with both actions being well received by markets.
"Worries about the global credit market and the health of the US economy had been stifling investors," said Kim Sung-Bong, an analyst at Samsung Securities in Seoul.
"Now that those concerns are easing gradually, the market is staging a relief rally, which is quite natural."
Broad rallyBroad rally
The Nikkei 225 index was up 3.7%, or 466.94, to 13,123.36. Hong Kong's Hang Seng Index soared 4.4% to 24,154.75.The Nikkei 225 index was up 3.7%, or 466.94, to 13,123.36. Hong Kong's Hang Seng Index soared 4.4% to 24,154.75.
The Shanghai Composite Index climbed more than 3% and stock indexes in Australia, the Philippines, Singapore, South Korea and Taiwan all gained more than 2%.The Shanghai Composite Index climbed more than 3% and stock indexes in Australia, the Philippines, Singapore, South Korea and Taiwan all gained more than 2%.
The Frankfurt Dax was up 18 points, or 0.27%, at 6738.33, while the Paris Cac was ahead 9.94 points, or 0.20%, at 4875.94. The London FTSE was virtually unchanged at 5852.70.
US investment bank Lehman Brothers had announced on Monday that it was raising extra cash to help counter rumours it was in financial difficulty.US investment bank Lehman Brothers had announced on Monday that it was raising extra cash to help counter rumours it was in financial difficulty.
On Tuesday it said it had raised $4bn (£2bn) by issuing preferred shares on the New York Stock Market, $1bn more than planned, because there had been "substantial interest".On Tuesday it said it had raised $4bn (£2bn) by issuing preferred shares on the New York Stock Market, $1bn more than planned, because there had been "substantial interest".
And Tuesday's news of a massive $19bn write-down by Swiss bank UBS allayed fears failed to dent confidence, with investors welcoming greater clarity of the bank's position. And Tuesday's news of a massive $19bn write-down by Swiss bank UBS failed to dent confidence, with investors welcoming greater clarity of the bank's position.
On Tuesday, the Dow Jones in New York closed up 3.2% or 391.5 points at 12,654.4.On Tuesday, the Dow Jones in New York closed up 3.2% or 391.5 points at 12,654.4.
European markets also rallied.