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World stocks rise as fears recede Stocks grow cautious after rally
(about 3 hours later)
European and Asian stocks rose on Wednesday as investors hoped that the worst of the credit crisis may be over. European shares trimmed gains after earlier rallying on hopes 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.
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%. In Europe, the Paris Cac was up 0.11% and the Frankfurt Dax gained 0.37%.
The rise came after the US Dow Jones index hit a one-month high on Tuesday. Hong Kong's Hang Seng index closed up 3.2% and Japan's Nikkei 225 index hit a one-month high after strong overnight gains on Wall Street.
Meanwhile, London's FTSE 100 index was virtually unchanged at 5,848 points.
Analysts turned cautious on the prospect of another rally on Wall Street, with investors awaiting closely-watched US jobs data on Friday for an indication on to what extent the credit crisis has hurt the real economy.
"Lehman's rights issue for $4bn was oversubscribed, and there was surprising interest in some retail stocks ... To expect too much of a follow-through today could be folly," said David Buik of Cantor Index .
'Concerns easing gradually''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. Earlier this week, US investment bank Lehman Brothers and Switzerland's UBS have both announced new share issues to repair their balance sheets, with both actions being well received by markets.
"They think the worst has gone." UBS also announced a loss of $39bn on sub-prime writedowns, and its chief executive resigned.
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."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.""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 rally which began on Wall Street continued in Asia overnight.
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.
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 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.
In Tokyo, the Nikkei 225 index ended up 4.2% at 13,189.36. Hong Kong's Hang Seng Index climbed 3.2% to 23,872.43.
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%.