Around the World's Markets
Wednesday 19 August 1998
FOOTSIE scored its best ever one- day points gain. The index surged 181 points to 5,648.2, beating its previous record of 160.8, achieved in September last year.
But in percentage terms it was not a record. The best one-day advance occurred as the market was emerging from the 1987 crash when in a single session it jumped 7.32 per cent. Inflation and taxation figures, corporate action and New York's strength prompted the sudden advance.
Derek Pain, page 17
SHARE PRICES rallied in late morning following the completion of the rouble devaluation and President Clinton's testimony to a Federal Grand Jury. At 11:20am in New York, the Dow Jones was up 106.48 at 8,681.69.
Dealers said that expectations of an unchanged rates policy as the Federal Reserve met were boosted the banking sector, while the hi-tech sector greeted the news that PC and microchip inventories were declining.
JAPAN'S BENCHMARK Nikkei index posted its largest gain in six weeks as a Wall Street rally eased concerns that a global economic slowdown is looming. Exporters like Sony and Denso set the pace after US stocks made their best showing in two months, suggesting that the impact of Asia's recession and Russia's financial unrest may not be as deep as initially feared.
The Nikkei 225 stock index rose 269.13 points (or 1.82 per cent) to 15,063.79, its biggest jump since 1 July.
STOCKS SLIPPED in cautious trade after Friday's unprecedented intervention in the market by the Hong Kong Monetary Authority. The Hang Seng index ended 13.77 points or 0.19 per cent lower at 7,210.92.
Dealers said continued short-covering and gains in Wall Street and the Nikkei helped avert a heavy sell-off. The HKMA declined to comment earlier on whether it had intervened in the market again to fend off speculators.
TAIWAN'S INDEX closed 1.3 per cent down at 7,181.6 after comments by the finance minister and suspected buying by state funds helped cushion early falls as foreign funds dumped shares.
Traders said fears over the outlook for the electronics industry and Russia's rouble devaluation had hit sentiment, and foreign funds were selling stock following moves by the central bank over the weekend to tighten capital controls. The index has fallen over 12 per cent since January.
- 1 Planes go hybrid-electric in important step to greener flight
- 2 Antonio Martin shooting: Police and protesters clash over teenager's death just five miles from Ferguson, Missouri
- 3 British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
- 4 Hip hop is both racial and political, and for Iggy Azalea to suggest otherwise is insulting
- 5 Man hospitalised with pneumonia after downing eggnog at office Christmas party
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Alex Salmond has 'broken his word to the Scottish people' says Scottish Lib Dem leader
iJobs Money & Business
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...