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Effects of US interest rate cut felt worldwide

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Effects of US interest rate cut felt worldwide

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The rally on Wall Street has had the usual knock-on effect in Asia, and Europe will be waking up with the hope it will reverberate here too. The Dow Jones ended more than four per cent up, and the Nasdaq even higher at over five per cent. The Federal Reserves’ surprise move sent a shockwave through depressed market floors. In Japan, at midday, the Nikkei was already up more than one per cent, and the Topix not far behind. But exports continue to suffer as the yen rides at a 13 year high against the dollar.