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Asian Markets Rebound

Posted Jan 23, 08 5:14 CST in World,  Business 

(Newser) – Asian markets bounced back modestly this morning after two days of precipitous drops. Hong Kong's Hang Seng index jumped 10.72%, Japan's Nikkei average rose 2%, and the Topix index was up 2.5%. Sydney's index closed 4.4% higher, breaking a 12-day downturn, and India's Sensitive index saw its first gains in 8 days as traders expressed cautious optimism

"The problems we're seeing right now will work themselves out eventually," said one analyst. The Fed's emergency rate cut seems to have staunched panic selling and staved off a market meltdown, but increased fears of a US recession. The cut saw the dollar rise slightly against the yen in early trading, but it later fell as the markets gained.
Sources: New York Times, Bloomberg, Wall Street Journal, Associated Press

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A stocks trader at the Philippine Stocks Exchange reads a business paper with an article on the role of former U.S. Federal Reserve Chairman Alan Greenspan during trading Wednesday January 23, 2008 at...   (Associated Press)
Pedestrians are seen near an electric market board in Tokyo, Tuesday, Jan. 22, 2008. Japan's benchmark stock plunged 5.65 percent Tuesday amid fears about a U.S. recession and a possible global slowdown....   (Associated Press)
A woman walks past a screen showing the Hang Seng Index at a bank in Hong Kong Wednesday, Jan. 23, 2008. Hong Kong shares surged Wednesday morning, rebounding with a vengeance from the market's recent...   (Associated Press)
A stocks trader at the Philippine Stocks Exchange gestures with a clenched fist to symbolize strong trading Wednesday, Jan. 23, 2008. (AP Photo/Bullit Marquez)   (Associated Press)
Investors study stock prices as traders work at a brokerage firm in Hong Kong Wednesday, Jan. 23, 2008. Hong Kong shares surged Wednesday morning, rebounding with a vengeance from the market's recent...   (Associated Press)
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