Asian markets salute steep Fed cut with rally

Asian shares rallied on Wednesday with Hong Kong jumping 7 percent after the Federal Reserve's biggest interest rate cut in over two decades tempted investors to beaten-down equities, but recession fears lingered. The dollar extended its losses against the euro in early Asian trade after the Fed's emergency 75 basis-point interest rate cut wiped out the U.S. currency's yield advantage over the euro. Industrial metals, such as copper recovered some lost ground after hefty falls this week on fears a U.S. recession could derail demand, while safe-haven government bonds extended gains to fresh multi-year highs.

The Economic Times
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