Canada Shares Soar on U.S. Fed Cut

Eruope indexes close higher; Asia markets also rally

TSE 300 reacted forcefully to the Fed's decision to cut interest rates by 50 bais points Wednesday. The move took everyone by surprise and sparked a lot of short covering. The index closed at 8131, or up a whopping 391 points on the day. The close above the 8000 mark has a bullish implication from a technical perspective. Chart watchers now shift their target to 8315 -- a major resistance. Technology as well as financials provided one of the best one-day performance seen in recent sessions. Overall market breadth is encouraging with 214 advancers vs 72 decliners. Volume is heavy.

In London, the Financial Times-Stock Exchange 100 closed up 129.10, or 2.24% to 5890.20. In Germany, the DAX Index ended up 225.76, or 3.80%, to 6161.34. In France, the CAC 40 gained 164.10, or 3.07%, to close at 5505.08.

In Japan, the Nikkei gained 574.70, or 4.40%, to close at 13641.79. In Hong Kong, the Hang Seng index ended up 366.35, or 2.91%, to close at 12972.80.

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