US, European markets post solid gains
Sunday, 2 November 2008
NEW YORK, Nov 1 (AFP): A rally in US and European share markets stayed on track Friday, delivering solid gains at the end of a month of wild volatility and losses amid fears a deep recession lies ahead.
The rallies capped a solid week of gains from most markets, but not enough to compensate for the panicked global selloff earlier in the month.
Equities in Frankfurt, London, New York and Paris have all plunged by 15 to 17 per cent since the beginning of October, and Tokyo lost about one-quarter of its value.
Shares fell sharply in Tokyo, down 5.0 per cent, even though Japan's central bank cut its super-low interest rates for the first time in seven years-by 20 basis points to 0.3 per cent.
The rallies capped a solid week of gains from most markets, but not enough to compensate for the panicked global selloff earlier in the month.
Equities in Frankfurt, London, New York and Paris have all plunged by 15 to 17 per cent since the beginning of October, and Tokyo lost about one-quarter of its value.
Shares fell sharply in Tokyo, down 5.0 per cent, even though Japan's central bank cut its super-low interest rates for the first time in seven years-by 20 basis points to 0.3 per cent.