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Fed’s AIG rescue brings cheer in Asian markets

September 17th, 2008

Wednesday, September 17, 2008 8:02:18 AM IST

Thanks to the Fed’s AIG rescue plan, the Asian markets are largely in the green after heavy selling in the last two sessions. The Federal Reserve Bank of New York will lend up to $85 billion to AIG in a plan aimed at saving the insurer from a “disorderly failure” that could wreak economic havoc.

Most of the Asian markets saw mode selling pressue yesterday compared to the day before considering that the stock exchanges are closed when the news of the Lehman Brothers going bust has come out. Another news to cheer is that Barclays has come forward to buy some of the Lehman assets for $1.75 billion.

The All Ordinaries is marginally in the green. The Gang Seng is up 347.13 points or 1.90%. The Jakarta Composite, Nikkei 225, NZSE, Seoul Composite and Taiwan Weighted are all in the green. Straits Times is down 0.86%.

1 U.S. dollar = 46.8099 Indian Rupees
1 U.S. dollar = 105.7305 Japanese Yens
1 U.S. dollar = 0.7071 Euros
1 Ounce Gold = $782.00
1 Barrel Crude Oil = $94.35

Entry Filed under: Global Markets