Asian Stocks Soar After Freddie, Fannie Bailouts

[Purveyor]

Source: Associated Press

TOKYO - Asian stock markets soared Monday morning after Washington announced a bailout of mortgage giants Fannie Mae and Freddie Mac , a move that could help bolster a shaky U.S. housing market and renew investor confidence in stock and credit markets worldwide.

Japan's benchmark Nikkei 225 stock index was up more than 430 points, or 3.6 percent, at 12,650.27.

Seoul's Kospi index was up 4.4 percent, Singapore's Straits Times Index jumped 3.6 percent, and Hong Kong's Hang Seng index surged 4.6 percent.

The U.S. Treasury's decision Sunday to place the two companies, which own or guarantee about half of U.S. mortgage debt, into a conservatorship removes a big cloud that had been weighing on global markets.

The news injected life into recently listless Japanese banks, with Mizuho Financial Group and Mitsubishi UFJ Financial Group both up more than 11 percent in trading Monday morning.

Nomura Holdings, Inc. jumped 9.1 percent following weekend reports that Japan's largest brokerage group is considering buying a stake in U.S. investment bank Lehman Brothers. Nomura has funds exceeding $1.87 billion for investment in U.S. and European financial institutions and is considering Lehman as one of its investment candidates, Nomura President Kenichi Watanabe was quoted as saying by the Japanese newspaper Yomiuri.

Read more: http://www.phillyburbs.com/pb-dyn/news/24-09072008-1587326.html

[Newsjock]

1. Mission accomplished

Do you feel just a little bit poorer today? I know I do. I guess that's what I get for being responsible.

[Baby Snooks]

2. And Wall Street?

The Dow Jones will probably go up several hundred points, after the vultures buy as much as they can of everything they can in the "afterhours" market, since obviously the taxpayers rather than the shareholders will be the losers although quite a few banks who no longer have the equity they had on Friday may lose as well. And collapse within a month or two. Which is just fine with the day traders and the other vultures because they will just start dumping everything in the "aferhours" market just before the Dow Jones goes down several hundred points. Buy low, sell high. And make sure what you buy goes up. Why do people think so much stock is traded before and after the bell? People are fools when they think the SEC watches for market manipulation. They just don't allow it while the market is actually open. Most of our economy is traded overnight. Everything from cash to bonds to stocks. It is also fine with the Republicans. The big banks can just gobble up the smaller banks. It's actually fine with some Democrats too. Welcome to the oligarchy. If you got the money to trade, come join in the fun. If not, well, eat cake.

By the corporation, for the corporation. And paid for by the taxpayers.

[skoalyman]

3. that sounds about right , well vegas oops meant wall street should be interesting to watch tomorrow.

:popcorn: