<Europe Interest rates> Sweden & Spain cut rates by 25 bp- UP I say.
Lee:
I am sure you have seen this. I do believe there will be more cuts coming from Europe.
=======================================
Rate cuts sweep Europe higher
By Suzanne Miller, CBS MarketWatch
Last Update: 7:14 AM ET Nov 3, 1998 NewsWatch
LONDON (CBS.MW) -- European bourses put the brakes on a round of opening losses Tuesday as Spain and Sweden cut their interest rates by 25 basis points, respectively.
By late morning, a full-blown rally was underway in the U.K. while Paris shares also gained momentum as markets prepared for more rate cuts to come. Britain is broadly expected to cut interest rates by 25 to 50 basis points this Thursday.
German shares, by contrast, have only managed to eek into positive territory, as most don't expect the country's central bank to cut rates between now and January, when the European Central Bank sets interest rates for the Eurozone.
At 0635, the FTSE 100 index ($UKY-LS) was up 141.50 points at 7,1686, while in France the Paris CAC was up 43.48 points, or 1.2 percent, at 3,613.08. In Germany, the DAX index managed to add just 6.9 points to 4,769.09.
In Asia, meanwhile, Japan's markets were closed for a holiday while in Hong Kong the Hang Seng index shares managed to put in a robust performance. Shares gained 1.85 percent or 188.44 points to finish at 10,358.52. The dollar, meanwhile, was firm against the key currencies, up 0.6 percent at 115.33 yen and up 0.5 percent at 1.6610.
|
