European Markets Climb after Rate Cuts
European markets ended higher. In London, the Financial Times-Stock Exchange 100 index was up 61.80 points, or 1.18%, to 5,278.10 after the Bank of England cut key rates 50 basis points to bolster the economy. In France, the CAC 40 added 79.77 points, or 1.78%, to 4,573.04. In Germany, the DAX Index gained 132.91 points, or 2.73%, to 4993.57 after the European Central Bank lowered key interest rates 50 basis points. The news took some of the sting out of a report that German Industrial Production fell 2% in September.
Asian markets closed with gains. Japan's benchmark Nikkei average added 146.81 points, or 1.43%, to 10,431.79 as pension funds reportedly went on a buying spree. In Hong Kong, the Hang Seng gained 268.83 points, or 2.62%, to 10,538.62.
Canada's TSE 300 popped at the open and and gained in afternoon dealings. But the index ended the day with a 6.5 point loss to 7140.8. A bearish reversal in the Nasdaq and a sharp pullback in DJIA gains weighed on the TSE.