Asian markets reportedly soar after US Federal Reserve announcement of interest rate cut.
Wired PR News.com – The United States Federal Reserve announced a historic interest rate cut on Tuesday from 1.0 percent to a rate in the zero to the 0.25 percent range. As reported by the Associated Press (AP), several Asian markets saw increases after the announcement of the cut, which has been identified as a means for the central bank to help pull the country out of a recession.
As quoted in the AP report of John Mar of Hong Kong based Daiwa Securities, “Every central bank is pumping loads of liquidity into the markets and this is very positive for the markets.” The de facto central bank in Hong Kong cut their base interest rate to 0.5 percent.
The impact of the interest rate cut on Wall Street has also been said to have an affect on the actions of Asian market investors. The Dow showed an increase of more than 350 points as well.
Photo credit: Hk1992
