European stocks open lower, Asian markets mixed
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AP
Published: October 7, 2008
European stocks opened lower today while Asian stocks were mixed as a big interest rate cut in Australia helped spur recoveries in several regional markets.
The move in Australia sparked hopes that other central banks will lower rates to help loosen the global credit crunch.
Main indices in Australia, South Korea, Singapore and Taiwan all edged higher, staunching, at least temporarily, the gut-wrenching global market sell-off Monday.
Unlike its Australian counterpart, the Bank of Japan announced it was keeping its interest rates unchanged.
Japan’s benchmark Nikkei 225 index erased some of its early losses to close down 3 percent at 10,155.90 - still its lowest level in almost five years.
Futures trading suggests a higher open for the Dow Jones industrials.
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