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Author: Vanessa Burrow The Age
Stocks surge in slipstream of US markets after big hint from Fed INVESTORS are embracing the prospect of a US interest rate cut as an economic panacea, or so the sudden surge on world sharemarkets would suggest. A heavy hint that the US Federal Reserve would lower rates again next month sent Wall Street's S&P 500 Index to its biggest two-day gain in five years. The Australian dollar leapt to a recent high of US89.2¢, from nearer to 87¢. And Asian markets improved significantly, with the Hang Seng gaining 4.1% and Japan's Nikkei up 2.3 per cent (see historical graph below). Australia's benchmark S&P/ASX 200 Index jumped 74.4 points, or 1.2%, to 6444.5. St George treasury economist Amanda Tan said that until now most US Federal Reserve officials had been highlighting the risk of inflation rather than the current market turbulence and global economic uncertainty.
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