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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (63526)	5/7/2002 11:36:19 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Fed, Cisco results boost Tokyo stocks Australia hikes interest rates; dollar firms vs. yen By Mariko Ando, CBS.MarketWatch.com Last Update: 11:24 PM ET May 7, 2002 www2.marketwatch.com The Nikkei Average gained 233.07 points, or 2.1 percent, to end the morning at 11,549.11. The broader Topix rose 0.9 percent to 1,084.03. Markets in Seoul and Sydney climbed after their central banks increased interest rates to prevent inflationary pressures from building up as economic growth picks up steam. In a widely expected move, the Australian central bank hiked its interest rate by a quarter of a percentage point to 4.5 percent. See full story This came after the U.S. Federal Reserve decided to leave its short-term interest rates unchanged. See full story. Australia's All Ordinaries Index rose 0.2 percent to 3,280.40 points by early afternoon. South Korea's Kospi jumped 2 percent to 843.17 points, a day after that country's central bank unexpectedly raised its overnight call rate target for May by 25 basis points to 4.25 percent. See full story.