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Shares rise on US rate cut hopes Shares rise on US rate cut hopes
(about 1 hour later)
European and Asian shares have risen on growing expectations that the US Federal Reserve will announce a further cut in interest rates.European and Asian shares have risen on growing expectations that the US Federal Reserve will announce a further cut in interest rates.
As the US central bank prepares for its latest rate vote on Wednesday, the UK's FTSE was up 69 points or 1.2% to 5,874 in late morning trading in London. As the US central bank prepares for its latest rate vote on Wednesday, the UK's FTSE index was up 54 points or 0.9% to 5,843 in lunchtime trading in London.
Germany's Dax was 1% higher, while Japan's Nikkei earlier closed up 3%.Germany's Dax was 1% higher, while Japan's Nikkei earlier closed up 3%.
The Fed is tipped to cut US rates to 3.25% or even 3% from the current 3.5%, as it moves to ease recession fears.The Fed is tipped to cut US rates to 3.25% or even 3% from the current 3.5%, as it moves to ease recession fears.
Last week, it reduced rates to 3.5% from 4.25% in an emergency move after global stocks fell heavily.Last week, it reduced rates to 3.5% from 4.25% in an emergency move after global stocks fell heavily.
Sustainable gains?Sustainable gains?
However, some analysts warned that while global investors were currently being cheered by the expected cut in US interest rates, further weak American economic data could bring shares back down again.However, some analysts warned that while global investors were currently being cheered by the expected cut in US interest rates, further weak American economic data could bring shares back down again.
Markets look likely to extend a roller-coaster ride, at least in the first half of 2008 when more dismal news about the US economy is expected to be released Lee Kyung-soo, an analyst at Daewoo SecuritiesMarkets look likely to extend a roller-coaster ride, at least in the first half of 2008 when more dismal news about the US economy is expected to be released Lee Kyung-soo, an analyst at Daewoo Securities
Following record-low US new home sales figures released on Monday, the latest American consumer confidence data is released later on Tuesday.Following record-low US new home sales figures released on Monday, the latest American consumer confidence data is released later on Tuesday.
"Expectations for further US rate cuts are lifting markets, but whether the market could sustain the gains, it's up to a series of US economic data due soon," said Lee Kyung-soo, an analyst at Daewoo Securities."Expectations for further US rate cuts are lifting markets, but whether the market could sustain the gains, it's up to a series of US economic data due soon," said Lee Kyung-soo, an analyst at Daewoo Securities.
"Markets look likely to extend a roller-coaster ride, at least in the first half of 2008 when more dismal news about the US economy is expected to be released.""Markets look likely to extend a roller-coaster ride, at least in the first half of 2008 when more dismal news about the US economy is expected to be released."
Wall Street's main Dow Jones index closed Monday trading up 1.45% or 177 points.Wall Street's main Dow Jones index closed Monday trading up 1.45% or 177 points.