Page last updated at 10:06 GMT, Friday, 7 November 2008

Asian markets see mixed trading

Pedestrians walk past board showing market prices in Tokyo, Japan (07/11/2008)
The IMF says developed economies will shrink for the whole of 2009

Stock markets in Asia have seen mixed trading with South Korea's Kospi index up following an interest rate cut but Japan's Nikkei index falling.

South Korea's central bank cut rates to 4%, the third cut in a month, helping the Kospi index to end up 3.9%.

Hong Kong's Hang Seng rose 3.3%, but in Tokyo the Nikkei closed down 3.6%, although it had been down 7% earlier.

Toyota shares fell 9.2% as investors reacted to Thursday's news that the firm was cutting its profit forecasts.

Rebound

On Thursday, global shares saw sharp falls, despite interest rate cuts by both the Bank of England and the European Central Bank (ECB).

The Bank of England cut UK rates to 3% from 4.5% - a much bigger cut than had been expected - while the ECB cut eurozone rates to 3.25% from 3.75%.

The UK's FTSE 100 index ended the day down 5.7%, and on Wall Street the Dow Jones index sank 443.2 points, or 4.9%, nearly matching Wednesday's 486-point slide.

On Thursday the International Monetary Fund (IMF) cut its growth forecasts for the global economy.

It predicted that developed economies as a whole would shrink by 0.3% next year, having forecast growth of 0.5% less than a month ago.

The IMF also cut its 2009 growth forecast for the global economy to 2.2% from the previous estimate of 3%.



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MARKET DATA - 11:36 UK

FTSE 100
5429.64up
23.70 0.44%
Dax
5733.05up
19.54 0.34%
Cac 40
3784.02up
14.48 0.38%
Dow Jones
10403.79up
78.53 0.76%
Nasdaq
2273.57up
35.31 1.58%
BBC Global 30
5707.15up
20.65 0.36%
Data delayed by at least 15 minutes


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