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Politics : Formerly About Applied Materials

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To: StanX Long who wrote (59770)	1/31/2002 4:34:12 AM
From: StanX Long	Read Replies (1) of 70976

Asian stocks up as U.S. surprises with GDP growth Thursday January 31, 3:17 PM sg.news.yahoo.com By Neil Fullick SINGAPORE, Jan 31 (Reuters) - A surprise expansion in the U.S. economy and the Federal Reserve's move to suspend interest rate cuts injected Asian stocks with confidence on Thursday, although the dollar was fairly unimpressed with events. Wall Street cheered data showing U.S. gross domestic product (GDP) grew a slim 0.2 percent in the fourth quarter, against expectations that the economy had shrunk. The news helped the dollar in New York trading on Wednesday but the currency lacked any impetus on Thursday in Asia. U.S. treasuries fell, adding to losses in New York trading. European stocks were expected to open higher off the back of the bullish tone of U.S. markets, although upcoming company results could inject an element of caution, traders said. The Fed's decision to keep the fed funds rate at a 40-year low of 1.75 percent and discount rate at 1.25 percent was taken as a sign of confidence in the economy. It followed 11 rate cuts during 2001 when it lopped a combined 4 ¾ percentage points off the cost of credit.

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