Asian markets were mostly higher, helped by property and bank shares, on hopes policymakers will follow the Fed's lead and cut rates with abandon to spur growth. But the U.S. dollar sank to 13-year lows against the yen.
Asia stocks rose and the U.S. dollar remained under pressure Wednesday after the Federal Reserve cut rates to a record low, paving the way for regional policymakers to take more aggressive actions to support growth.
Asian markets were mostly lower Tuesday, ahead of an expected 10th rate cut by the U.S. Federal Reserve since the financial crisis began and likely dismal results from Goldman Sachs, while the dollar hit a two-month low against the euro.
Asian markets made strong gains Monday with both Japan and South Korea climbing 5% on renewed hopes for a bailout of the U.S. automaker industry.
Asian markets were hit hard by news the U.S. Senate had failed to reach an agreement on a bailout plan to rescue the ailing Big Three automakers. Losses in the Japanese market accelerated in the afternoon as a sharp selloff in key auto stocks put pressure on the market
Stocks in Asia were mixed Thursday as concerns over the global economy once again took center stage, while renewed uncertainty about the U.S. auto bailout plan sparked a subtle shift towards assets seen safer such as the yen.
Asian stocks hit a one-month high Wednesday on hopes for government-led help for key sectors such as technology, which encouraged risk-taking to the detriment of assets perceived as safer.
Asian stocks were mixed Tuesday. Any gains were kept in check as hopes for big government spending to revive growth were offset by investors shying away from risk in wrapping up a brutal 2008.
Asia markets rallied sharply Monday, with investors taking heart from a rescue plan for U.S. automakers and hopes that the sharp drop in oil prices will ease some of the pain for households facing mounting layoffs.
Blacker Friday? Job losses in November were the worst since 1974, as U.S. employers cut payrolls by 533,000. Mortgage loan delinquencies and foreclosures hit record highs in the third quarter — though one economist likes falling mortgage rates. Merrill Lynch cut its oil forecast, saying a temporary downspike of $25 is even possible. But one analyst praised the oil plunge as the equivalent of a "huge tax cut."
Lousy sales, weak earnings and more layoffs reigned over Thursday, with glum news from Nokia, Viacom, Merck, AT&T, DuPont, Credit Suisse and retailers across the board. European central banks enacted big rate cuts. And Fed Chairman Ben Bernanke urged more government efforts to stanch soaring home foreclosures. But CNBC heard from experts who say that while the news will get worse through 2009, markets will periodically rally — and one strategist sees the Dow at 12,000 in 2010.
Sydney and Tokyo led Asian bourses higher in what was a mixed day for the region marked by thin trade as investors stayed on the sidelines in the wake of the U.S. Thanksgiving Day holiday.
Asian market rose for a fifth day Thursday, helped by hopes that policymakers' efforts will ultimately prevail after a surprise and aggressive rate cut from China, though U.S. data ominously reflected a deep recession.
Stocks in Japan and Australia fell Wednesday after a report showed the U.S. economy shrank by the most since 2001, underscoring sharply slowing global demand, while South Korean shares were boosted by steelmakers after BHP Billiton killed its bid for Rio Tinto.
Home builder D.R. Horton reported a wider quarterly loss Tuesday — yet its shares jumped on U.S. government moves to buoy the financial sector. But home prices and mortgage rates dropped further with no floor in sight. Experts told CNBC the problem is market schizophrenia: equity markets have bottomed but credit markets are still spiralling downward.
Asian markets rose Tuesday and so-called safe haven assets such as bonds fell after the U.S. government rescued banking giant Citigroup to prevent further damage to the ailing global financial system.
The U.S. government's plan to inject $20 billion into Citigroup seemed to drive a stock market rally Monday — but failed to reassure analysts overall. CNBC canvassed the experts for their outlooks: Despite the uncertainty, one strategist says financials will lead the recovery — and another sees hyperinflation as the real danger ahead.
Asian markets were mostly lower Monday, with bank stocks leading the drop, and so-called safe-haven assets like the yen gained as investors digested the latest news on U.S. measures to prop up Citigroup.
Asian markets experienced a large turnaround Friday, after hitting five-year lows in the morning session. Stocks bounced into the black on rumors that China would adjust interest rates as well as short covering.
Asian markets further weakened Wednesday while the yen rose, with risk-averse investors fretting about the deepening damage to corporate profits and consumer spending despite a late rally on Wall Street.