A sharp rise in Asian financial markets is observed after fresh moves to deal with global financial crisis. In morning trading, Nikkei gained 13% while Sydney up by 5%.
On Monday, Wall Street shared rocketed 11% and the mentioned gains in Asian financial markets came after that.
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In Wall Street, the investors welcomed the fresh moves to deal with financial crisis, as there was news that the US government wanted to implement its $700bn bank bailout plan quickly.
A similar package of A$10.4bn for economic stimulation has been announced by the Australian Prime Minister Kevin Rudd.Mr. Rudd said that the new strategy to deal with financial problems will support Australian households and strengthen the national economy.
On Monday noon, S&P/ASX200 of Sydney was at 4399.7 (219 points up) and Australian dollar was quite strong against the US dollar.
In Hong Kong and South Korea shares rose 4% and 5% respectively. Similarly, the stock market in New Zealand rose 6.7% by early afternoon.
On Monday, there was a meeting between the US Treasury and Federal Reserve Bank officials and America’s biggest banks’ chief executives. They discussed work out details of the US government‘s $700bn bailout plan.
