China stimulus package rallies foreign markets
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AP
Published: November 10, 2008
China’s $586 billion stimulus plan is taking stocks higher today on international markets.
Asian stock markets gained strongly, with Shanghai’s index spiking more than 7 percent, as investors welcomed the move by Beijing aimed at countering the effects of a global slowdown on its economy.
European markets opened higher today and futures trading suggested the same for Wall Street later today.
Tokyo’s Nikkei 225 stock average surged nearly 6 percent also buoyed by a weakening yen. Hong Kong’s Hang Seng Index gained 3.5 percent, but traded well off its highs.
Markets in India, Australia, Singapore and South Korea joined the region’s advance.
And oil prices jumped above $63 a barrel as investors figured China’s stimulus plan could underpin demand for crude.
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