Global Stocks Rebound
Global stocks were lifted today by central bankers' moves to slash interest rates despite growing concern about a global recession. In Hong Kong, the Hang Seng recovered its losses from Monday, gaining 14 percent, and Japan's Nikkei, which has taken a beating recently, rose 6.4 percent. In Europe, the DJ Stoxx index so far is up 2.7 percent. British oil company BP reported an 83 percent increase in net income for the quarter on surging oil prices during that period.
The Federal Reserve begins its two-day meeting today where it is expected to cut interest rates, joining South Korea, which slashed interest rates by three-quarters of a percentage point, and Israel's central bank, which cut rates by a quarter point. Australia's central bank took steps to prop up the currency by buying Australian dollars.
Reuters reports today that Iceland's central bank took the emergency step of raising interest rates by a whopping 6 percent to 18 percent, in an effort to prop up the currency and encourage foreign investors to put their money back in.
We'll be watching the Fed and the markets today, so check back here for updates throughout the day.
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