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Asian Stocks Rebound After Rate Cut; Banks, Miners Lead Gains

Jan. 23 (Bloomberg) — Asian stocks rebounded from the biggest two-day drop in 18 years, led by banks and mining companies, after the U.S. Federal Reserve cut interest rates to ward off a recession.

HSBC Holdings Plc and Mitsubishi UFJ Financial Group Inc. gained after the Fed cut its benchmark rate to 3.5 percent in its first emergency reduction since 2001. BHP Billiton Ltd., the world’s largest mining company, jumped the most in 20 years following a rally in prices of copper and gold. Sun Hung Kai Properties Ltd. climbed in Hong Kong as the city followed the Fed in lowering borrowing costs, supporting demand for real estate.

“The Fed’s move will obviously help the global economy and the problems we’re seeing right now will work themselves out eventually,” said Peter Chiang, who helps manage $16 billion as chief equity strategist at DBS Asset Management in Singapore. “There’s still some concern on the impact of a U.S. slowdown.”

The MSCI Asia Pacific Index added 1.9 percent to 134.60 as of 1:19 p.m. in Tokyo, on course for its biggest gain since Nov. 29. The index dropped 10 percent in the past two days, the steepest decline since April 1990.

Japan’s Nikkei 225 Stock Average added 0.6 percent to 12,645.53. Hong Kong’s Hang Seng Index surged 4.2 percent. The rebound in most Asian markets today helped trim the MSCI regional benchmark’s 2008 loss to 15 percent.

In the U.S., the Standard & Poor’s 500 Index fell 1.1 percent yesterday, taking its decline this year to 11 percent.

Increasing Risks

HSBC, Europe’s biggest bank, surged 6.9 percent to HK$111.60 in Hong Kong, snapping a three-day 13 percent decline. Mitsubishi UFJ, Japan’s largest bank by market value, rose 4.2 percent to 899 yen, after losing 12 percent in the past two trading sessions.

The Fed cited a “weakening” economic outlook and “increasing downside risks to growth.” The cut of three- quarters of a percentage point was the biggest single reduction since the central bank began using the rate as the principal tool of monetary policy around 1990. Policy makers weren’t scheduled to meet to discuss rates until Jan. 29-30.

The rate cut is “comforting because it indicates that the Fed is starting to pay attention to the maintenance of market stability,” said Angus Gluskie, who helps manage the equivalent of $500 million at White Funds Management in Sydney.

Bank of China Ltd. gained 4.7 percent to HK$4.64 in Hong Kong after saying profit last year rose. The South China Morning Post newspaper had reported that the bank may post a loss due to investments in subprime mortgages.

BHP jumped 9.7 percent to A$33.99 after second-quarter iron ore output rose 9 percent to a record on demand from China. The mining company is set for its biggest advance since December 1987, snapping a five-day, 20 percent loss.

Copper, Gold Prices

A measure of six metals traded on the London Metal Exchange, including copper and nickel, gained 1.7 percent yesterday. Copper rose 2.2 percent and zinc jumped 3.6 percent. Gold also recently advanced 1 percent to $890.30 an ounce in after-hours in New York .

Rio Tinto Group, the world’s third-largest mining company, surged 7 percent to A$108.09, after yesterday tumbling by the most since December 1987. Nippon Mining Holdings Inc., Japan’s biggest copper producer, rose 6.3 percent to 589 yen.

Shares of Sun Hung Kai, Hong Kong’s biggest developer by market value, rallied 7.8 percent to HK$152.80. Cheung Kong (Holdings) Ltd., the second-largest, added 7.6 percent to HK$126.70.

The Hong Kong Monetary Authority cut its base rate for overnight lending to 5 percent from 5.75 percent. The city’s monetary policy tracks the Fed’s because its currency is pegged to the U.S. dollar.

المؤشرات الاسيويه
% التغير المؤشر / القيمه
Topix 1,251.87 31.92 2.62
Hang Seng 22,907.84 1,150.21 5.29
Singapore Straits Times 2,865.44 -1.11 -0.04
S&P/ASX 5,412.30 225.50 4.35

اغلاقات الموشرات الاوروبيه

% التغير المؤشر / القيمه
DJStoxx 600 315.55 6.78 2.20
FTSE 100 5,740.10 161.90 2.90
DAX 30 6,769.47 –20.72 -0.31
CAC 40 4,842.54 98.09 2.07
S&P/MIB 34,302.00 399.00 1.18