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Markets mixed with fears of further turmoil
Thursday, October 09, 2008 | No comments posted.
SHANGHAI, China (AP) — Asian markets were mixed today as investor enthusiasm over rate cuts around the world gave way to persisent fears over the severe strains in credit markets and the prospect of a global recession.
South Korea, Hong Kong and Taiwan lowered their interest rates, joining a series of cuts Wednesday in the U.S., Europe and China aimed at stabilizing global markets that have plunged sharply this week.
But lower interest rates alone are unlikely to cure the crisis in confidence, analysts said.
Investor reaction in Asia to the string of moves mirrored that in the U.S. and Europe: an initial recovery in several markets faded amid deep concerns about the depth of the crisis.
South Korea, Hong Kong and Taiwan lowered their interest rates, joining a series of cuts Wednesday in the U.S., Europe and China aimed at stabilizing global markets that have plunged sharply this week.
But lower interest rates alone are unlikely to cure the crisis in confidence, analysts said.
Investor reaction in Asia to the string of moves mirrored that in the U.S. and Europe: an initial recovery in several markets faded amid deep concerns about the depth of the crisis.
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