Biggest rise in 10 years
Major Hong Kong banks have followed the surprise 0.75 percent interest rate cut in the United States, as Asian stock markets rebounded. The Hong Kong Monetary Authority slashed its base rate to 5 percent - the fifth reduction since last September when the US cuts began. HSBC, Bank of China, and Standard Chartered Bank responded by reducing their best lending rates. The Hang Seng Index was the region's main gainer - closing 2,233 higher - or 10.7 percent - at 24,090. It was the biggest points rally for ten years. India and South Korea also recorded large increases in share prices, reversing days of losses and easing fears of a global recession. In Australia, the stock market closed more than 4 percent higher and in Japan shares rose by 2.4 percent.
The market is just going crazy.
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