Fed rate cut speculation bolsters Asian stocks
Fed rate cut speculation bolsters Asian stocks Asian stocks continued their gaining spree on expectations that the US Federal Reserve will cut interest rates. Stocks like Macquarie Bank and Mizuho Financial Group continued to add gains after a decline in US durable goods orders, which would lead to drop in interest rates. Japan`s leading bank Mizuho Financial gained 3.2%, while another Japanese lender Sumitomo Mitsui Financial climbed 5%. Bear Stearns soared 7.7% on reports of Warren Buffett buying stake. Japan`s benchmark index Nikkei added 252.90 points, or 1.54%, to trade at 16,688.64. Hong Kong`s Hang Seng surged 473.06 points, or 1.79%, to trade at 26,903.35. China`s Shanghai Composite gained 20.02 points, or 0.38%, to trade at 5,358.54. Taiwan`s Taiex Index added 72.17 points, or 0.78%, to trade at 9,329.64. South Korea`s KOSPI gained 24.40 points, or 1.27%, to trade at 1,943.66. Singapore` s Straits Times gained 37.97 points, or 1.04%, to trade at 3,688.06. (8.25 a.m, IST)
