Stocks across Asia have rallied – strongly – following the US Federal Reserve's hefty rate cut earlier today.
SINGAPORE (Reuters) – Major Asian share markets rallied, with Sydney surging 7 percent on Wednesday after the Federal Reserve's biggest interest rate cut in over two decades tempted investors to beaten-down equities, but recession fears lingered.
The dollar extended its losses against the euro in early Asian trade after the Fed's emergency 75 basis-point interest rate cut wiped out the U.S. currency's yield advantage over its the European one.Industrial metals, such as copper, recovered some lost ground after hefty falls this week on fears a U.S. recession could derail demand.
Not out of the woods yet, but a positive sign, nonetheless.
