Asia Markets Up, Down (Again)

Indexes rise after Wall St. rally and rate cut hopes, but fall on weak earnings reports
By Peter Fearon,  Newser Staff
Posted Oct 29, 2008 1:44 AM CDT
A man reacts as he watches a display showing stock prices at a local bank in Hong Kong. Asian markets gained amid hopes of a cut in interest rates.   (AP Photo/Vincent Yu)
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(Newser) – Markets across Asia rebounded today following a huge Wall Street rally and hopes of a drop in interest rates, but failed to hold on to some of their biggest gains as investors hedged against weak earnings reports from heavy hitters such as Panasonic and Sony, MarketWatch reports. Meanwhile, the Japanese yen retreated against global currencies on news of the potential rate cut.

The Nikkei 225 Average saw its 7% jump slide to a 2.6% gain of 7,815.92, and a 7% spike in South Korea’s Kospi slumped back to a 0.6% gain of 1,004.94. The Hang Seng rose 5% but slipped to 1.4% at 12,766.29. One expert said yesterday’s bounce may signal an end to the recent “brutal” sell-offs. "Yet, we still think we aren't out of the woods," he said.