Australia cuts rates, glimmers of hope from banks

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SYDNEY, Nov 4 (Reuters): Australia cut interest rates sharply Tuesday, presaging likely reductions in Europe later this week, and evidence of recession mounted despite glimmers of hope from major banks.
For investors, the worst financial crisis in 80 years has all but eclipsed Tuesday's US presidential election although the result may offer some market relief with the promise of more fiscal stimulus.
Whether Democrat Barack Obama or Republican John McCain wins, he will face a huge challenge in reviving the world's largest economy, which is already contracting.
Australia's bigger-than-expected 75 basis point rate cut followed cuts in the United States,China and Japan last week. Britain and the Eurozone are expected to follow suit Thursday with half point reductions, or maybe more.