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A note of optimism in Asian markets

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A note of optimism in Asian markets


The markets in the Far East have rallied for the first time this week and touched positive territory.

After an initial wobble, Tokyo’s Nikkei began to climb and gained 58 points 20 minutes after trading opened.

On Wall Street, earlier shares had fallen for a sixth straight session despite a coordinated move by the worlds banks to slash the cost of borrowing by half a percent. Yesterday it appeared not to have alleviated fears about a global recession

European shares finished the day down six and a half percent and the FTSE EUROFIRST 300 fell to its lowest level since mid-December 2003.

Of the biggest markets, London slumped over five percent and Paris six point three .

Investors sold shares to move into so-called safe haven areas such as gold and treasuries, but on expectations of lower demand, oil prices have been in decline.

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