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Friday, April 10, 2009

World stock markets advance

World stock markets advanced today, with Asia boosted by a record new stimulus package in Japan and Europe lifted by overnight US gains before a British interest rate call and the Easter break.

Tokyo jumped 3.74 per cent after the Japan's ruling party approved a stimulus spending plan that amounts to more than 15.4 trillion yen (US$154 billion), or about three per cent of gross domestic product.

Hong Kong rallied 2.97 per cent, Sydney gained 1.44 per cent and Seoul closed 4.30 per cent higher. Shanghai closed up 1.38 per cent on bargain hunting.

The injection for Japan, the world's second largest economy, would be part of a wider package worth over 56.8 trillion yen when tax cuts, loan guarantees and other measures are included.

The markets also took their lead from Wall Street. New York rose 0.61 per cent Wednesday after two days of declines as investors appeared to hedge against a tough corporate earnings reporting season.

The Financial Express



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