World Markets

New York: Comments by the Federal Reserve chief on the absence of need for large interest rate increases saw the Dow Jones Average up 26.24 at 3,888.94 by early afternoon.

Paris: On the first day of the February trading account the CAC-40 index closed 22.29 points higher at 1,802.46.

Frankfurt: The DAX index rose 8.80 points to 2,026.84.

Milan: Doubts that the new government will have the backing to pass laws pulled the Mibtel index down 1.77 per cent.

Hong Kong: Bargain hunting pushed the Hang Seng index up 217.82 points to 7,240.72.

Tokyo: Investors were encouraged by new government measures to speed reconstruction after the earthquake. The 225-issue Nikkei Stock Average rose 98.75 points to 18,159.48.

Sydney: The All Ordinaries index fell 11.8 to 1850.3, its lowest close since 12 December.

London: Report, page 35.