US markets skyrocketed overnight following a better than expected earnings from Goldman Sachs and Lehman Brothers. Markets were also strengthened after The Fed made a 75 bps point rate cut to make the Fed Funds rate at 2.25%, the lowest since 2004. Although many would expect a 100 bps point cut, markets erased early disappointment, thinking that a 75 bps cut would leave the door wide open for The Fed to give more cuts when necessary. Fed's chairman Ben Bernanke also said in a statement that "recent information indicates that the outlook for economic activity has weakened further" but also that "uncertainty about the inflation outlook has increased". The Fed once again showed that it is ready for further action when needed. The Dow soared 420.41 pts or 3.51% to 12392.66, S&P500 rose 54.14 pts or 4.24% to 1330.74 while Nasdaq rose 91.25 pts or 4.19% to 2268.26.
Asian markets may open much higher today following the biggest rally in more than 5 years on Wall St overnight. Better than expected earnings from Lehman bros and Goldman Sachs and also the 75 bps cut from The Fed would boost markets today. The better earnings from the 2 financial firms have reassured investors that not every firms have problems like Bear Stearns and showed some positive signs for financial sectors. Crude oil was recently traded around $106ish per barrel, gold traded lower at $982ish and US$ rally the most against JPY and was traded around 100.20ish JPY per US$. Nikkei futures was closed at 12430 in CME compared to the close of 11950 here yesterday.
The Kospi may shot higher today following the string of good news came out of the US and also after dropping pretty deep for Kospi in the past week. Kospi may go back beyond 210ish today as investors may get optimistic about the outlook for the US economy as The Fed showed that they're willing to go great lengths to save the economy.
Hangseng may follow other markets and open higher today following the biggest rally in 5 years on Wall St overnight. It may open above 22000 today and if market is optimist enough, it may even touch the 23000 mark today. However, the problems in China may overshadow the Hangseng market today and that may cause some volatilities in the market today. However, today's focus may just be for investors to enjoy some upside after some positive outlooks came out of the US following the strings of bad news for the past few weeks.
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