- Title: Asian stocks rebound, Fed soothes with boundless QE
- Date: 24th March 2020
- Summary: TOKYO, JAPAN (MARCH 24, 2020) (REUTERS) DESKS AT TOKYO STOCK EXCHANGE VARIOUS OF STAFF WORKING EXTERIOR OF TOKYO STOCK EXCHANGE SIGN READING (English): "JPX TOKYO STOCK EXCHANGE" HONG KONG, CHINA (MARCH 24, 2020) (REUTERS) TRAFFIC IN HONG KONG CENTRAL BUSINESS DISTRICT EXTERIOR OF HONG KONG EXCHANGE SQUARE PEDESTRIANS WALKING IN HONG KONG CENTRAL BUSINESS DISTRICT VARIOUS OF PEDESTRIANS WALKING IN FRONT OF HONG KONG EXCHANGE SQUARE/ ELECTRONIC TICKER SHOWING STOCK PRICES VARIOUS OF SCREEN SHOWING HANG SENG INDEX FLAGS FLYING BULL STATUES SEOUL, SOUTH KOREA (MARCH 24, 2020) (REUTERS) TRAFFIC ON SEOUL STREET PEDESTRIANS IN FACE MASKS CROSSING ROAD DEALING ROOM AT KEB HANA BANK ELECTRONIC BOARD SHOWING KOREA COMPOSITE STOCK PRICE INDEX (KOSPI) VARIOUS OF DEALERS WORKING SCREEN SHOWING KOSPI AND USD/KRW EXCHANGE RATE DEALERS WORKING/ SCREENS SHOWING STOCK PRICES AND EXCHANGE RATES SHANGHAI, CHINA (MARCH 24 ,2020) (REUTERS) ELECTRONIC TICKER BOARD IN FRONT OF PEARL TOWER ELECTRONIC BOARD SHOWING SHANGHAI COMPOSITE INDEX AND SHENZHEN COMPONENT INDEX ELECTRONIC TICKER BOARD IN FRONT OT PEARL TOWER VARIOUS OF ELECTRONIC TICKER BOARD ELECTRONIC BOARD SHOWING SHANGHAI COMPOSITE INDEX AND SHENZHEN COMPONENT INDEX VARIOUS OF ELECTRONIC TICKER BOARD SHOWING STOCK INFORMATION
- Keywords: Asia Hong Kong Japan KOSPI Nikkei 225 index Shanghai South Korea Tokyo Stock Exchange stock market
- Reuters ID: LVA002C6ET7BB
- Location: TOKYO, JAPAN/ HONG KONG, CHINA/ SEOUL, SOUTH KOREA/ SHANGHAI, CHINA
- City: TOKYO, JAPAN/ HONG KONG, CHINA/ SEOUL, SOUTH KOREA/ SHANGHAI, CHINA
- Country: Various
- Duration: 00:02:49
- Aspect Ratio: 16:9
- Topics: Economic Events,Equities Markets
- Story Text: Asian equities markets rallied on Tuesday (March 24) as investors bet the U.S Federal Reserve's promise of unlimited dollar funding would ease painful strains in financial markets even if it could not stop the economic hit of the coronavirus epidemic.
In Japan, the Nikkei average surged 7.1%, its biggest daily gain since February 2016, to finish at 18,092.35, its highest close in 1-1/2 weeks.
Hong Kong's market closed with the benchmark Hang Seng index rising to 22.663.49 , a gain of 4.46% or 967.36 points.
In South Korea, the benchmark Korea Composite Stock Price Index (KOSPI) closed up 127.51 points, or 8.60%, at 1,609.97.
China's main Shanghai Composite index closed up 2.34% at 2,722.44 points, while the blue-chip CSI300 index ended up 2.69%.
In its latest mold-breaking step, the Fed offered to buy unlimited amounts of assets to steady markets and expanded its mandate to corporate and municipal bonds. Analysts estimated the package could make $4 trillion or more in loans to non-financial firms. Still, analysts cautioned it would do little to offset the near-term economic damage done by mass lockdowns and layoffs.
(Production: Dogyun Kim, Minwoo Park, Hideto Sakai, Yoyo Chow, Xihao Jiang, Jiraporn Kuhakan)
- Copyright Holder: REUTERS
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