Key benchmark indices are likely to extend Friday's, 7 November 2008 gains tracking firm Asian indices boosted by China's nearly $600 billion spending plan to spur the economy. US markets had also rallied on Friday, 7 November 2008. SGX Nifty futures for November 2008 delivery added 42 points in Singapore.
Asian markets advanced today, 10 November 2008 led by China's Shanghai Composite which surged 6.15% to 1,855.16 after it announced a massive economic stimulus package worth $586 billion in an attempt to bolster its weakening economy. The government has also promised to loosen credit conditions and cut taxes. Taiwan's Taiwan Weighted was up 0.05% at 4,744.64 despite announcing 25 basis points cut in interest rates for the fourth time in two months after exports dropped in October 2008 by most in three years.
Hong Kong's Hang Seng added 5.97% or 850.44 points at 15,093.87, Japan's Nikkei rose 5.49% or 470.90 points at 9,053.90, Singapore's Straits Times gained 1.41% or 26.21 points at 1,889.70, and South Korea's Seoul Composite advanced 1.80% or 20.41 points at 1,154.90.
US markets surged on Friday, 7 November 2008 despite another round of weak economic and earnings data on speculation that the federal reserve will lower interest rates, after traders shrugged off a bigger than expected loss in jobs. Nonfarm payrolls declined 240,000 in October 2008, lifting the unemployment rate to a 14-year high of 6.5%. President-elect Obama said America needs a rescue plan for the middle class, including a fiscal stimulus plan.
The Dow Jones industrial average jumped 248.02 points, or 2.85%, to 8,943.81. The S&P 500 index advanced 26.11 points, or 2.89%, to 930.99, and the Nasdaq composite index added 38.70 pints, or 2.41%, to 1,647.40.
Back home, the 30-share BSE Sensex was up 230.07 points or 2.36% at 9,964.29 and the 50-unit S&P Nifty was up 80.35 points or 2.78% to 2,973 on Friday, 7 November 2008 after data showed rise in infrastructure sector output and positive global cues.
Key benchmark indices eked out gains in the week ended Friday, 7 November 2008, ending six-week loosing streak helped by global central bank measures to tackle the turmoil in the financial markets. The BSE 30-share Sensex rose 176.23 points or 1.80% to 9,964.29 in the week ended Friday, 7 November 2008. The S&P CNX Nifty gained 87.30 points or 3.02% to 2,973 in the week.
US light crude for December 2008 delivery rose $2.96 to $64 a barrel, today, 10 November 2008 fuelled by top exporter Saudi Arabia's plans to cut December 2008 supplies to Asia, a weaker dollar and hopes that global economies' plans to lift growth could avert recession.
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