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Asian stocks show recovery signs Stocks climb on hopes of recovery
(about 1 hour later)
Leading markets in Asia have climbed, helped by a number of governments who have intervened to try to boost their economies and avert a recession. Leading European stocks rose on Monday, echoing rises in Asia, after a number of governments intervened to try to boost their economies.
The MSCI index in the Asia-Pacific region rose 5.9%. India's Sensex rose some 440 points or 4.6% after a cut in short-term interest rates. The Frankfurt-based Dax added 1.3% while the Paris-based Cac rose 0.4% and London's FTSE 100 climbed 0.8%.
Hong Kong's Hang Seng index rose 3% on hopes that lending limits would been lifted, helping small firms. The MSCI index in the Asia-Pacific region rose 5.1%. South Korea has set out a $11bn stimulus plan and India has cut short-term interest rates recently.
But traders were cautious, saying uncertainty remained in the market.But traders were cautious, saying uncertainty remained in the market.
"There is still widespread scepticism over the steps taken to unfreeze the credit markets, as it will be a while before things start looking up on a sustained basis," brokerage India Infoline said following the rate change in India."There is still widespread scepticism over the steps taken to unfreeze the credit markets, as it will be a while before things start looking up on a sustained basis," brokerage India Infoline said following the rate change in India.
India's Sensex rose some 440 points or 4.6%.
Banks were among the main climbers in Asia and Europe.
Societe Generale was up 2.5% after seeing profits in line with forecasts, even though these fell more than 80% during the quarter.
Deutsche Bank was also higher, adding 5.2%.
China's ICBC was up nearly 10%, Indian lender ICICI added 8% and Australia's investment bank Macquarie rose 12.4%.
ConfidenceConfidence
South Korea announced an 11-trillion-won economic stimulus package on Monday that helped send shares in Seoul 1.4% higher.South Korea announced an 11-trillion-won economic stimulus package on Monday that helped send shares in Seoul 1.4% higher.
Miles Remington, head of Asian sales trading at BNP Paribas Securities in Hong Kong, said: "I don't think it's a massive change in direction.Miles Remington, head of Asian sales trading at BNP Paribas Securities in Hong Kong, said: "I don't think it's a massive change in direction.
"More a case of a little more confidence going forward in massively oversold stocks and ... global organized attempts to deal with the issues," he said."More a case of a little more confidence going forward in massively oversold stocks and ... global organized attempts to deal with the issues," he said.
Finance firms were among the main climbers, with China's ICBC up nearly 10%, Indian lender ICICI adding 8% and Australia's investment bank Macquarie rising 12.4%. Hong Kong's Hang Seng index rose 3% on hopes that lending limits would been lifted, helping small firms.
Central banks in the US, Japan, China, as well as India, have all cut borrowing costs to boost their economies in the last week.Central banks in the US, Japan, China, as well as India, have all cut borrowing costs to boost their economies in the last week.
There are growing expectations that the Bank of England and the European Central Bank will follow suit this week.There are growing expectations that the Bank of England and the European Central Bank will follow suit this week.