Tags: World | Markets | asia | greece

Asia Stocks Up After Greece Drops Referendum Plan

Thursday, 03 Nov 2011 11:54 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

BANGKOK — Asian stock markets rose sharply Friday, a day after Greece's prime minister abandoned a referendum on the country's bailout and the European Central Bank cut interest rates in a surprise move.

Japan's Nikkei 225 index rose 1.3 percent to 8,750.76 and Hong Kong's Hang Seng jumped 3.1 percent to 19,840.45. South Korea's Kospi gained 2.8 percent to 1,921.94.

The gains reversed four straight days of losses starting Monday. That's when Greek Prime Minister George Papandreou shocked financial markets by unexpectedly announcing he would call a referendum on a European austerity plan aimed at restoring the country's solvency.

But markets remain jittery about how Europe will resolve its debt crisis. The risks to the region's economy were also a clear factor in the ECB's surprise decision Thursday to cut interest rates by a quarter of a percentage point to 1.25 percent.

Some analysts expect economic growth in Europe to slow in the final three months of the year or even go into reverse.

The developments Thursday helped send Wall Street to a second day of big gains. The Dow Jones industrial average gained 1.8 percent to 12,044.47. The S&P 500 rose 1.9 percent to 1,261.15 and the Nasdaq composite added 2.2 percent to 2,697.97.

Reports on the U.S. economy also lifted stocks by lowering fears of a new recession. The number of people who applied for unemployment benefits last week dipped to the lowest level in five weeks. The number of applications fell below 400,000 for only the third time since April. Companies also made more orders to U.S. factories in September.

Benchmark crude for December delivery was down 9 cents to $93.98 in electronic trading on the New York Mercantile Exchange. The contract rose $1.56 to settle at $94.07 a barrel on Thursday, helped by the better U.S. and European news.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Demonstrations Resume in Ferguson

Tuesday, 26 Aug 2014 21:13 PM

More than 100 demonstrators marched peacefully in St. Louis on Tuesday demanding the arrest of a white police officer wh . . .

Boehner Video on His Job: I'm Like a Wind-Up Toy

Tuesday, 26 Aug 2014 18:24 PM

House Speaker John Boehner released a video on Tuesday in which he says his job is like being a wind-up toy. . . .

NYC Police Union Blasts de Blasio, Urges Democrats to Snub Convention Bid

Tuesday, 26 Aug 2014 17:55 PM

A New York City police union leader on Tuesday castigated Mayor Bill de Blasio and his bid to host the 2016 Democratic N . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved