Posted on 11/02/2008 8:57:15 PM PST by flyfree
HONG KONG, Nov 3 (Reuters) - Asian stocks edged up for a fifth straight day on Monday on hopes policy efforts so far to dampen the impact of the financial crisis would ultimately take hold, though data still painted an ugly picture of the global economy.
Investors were also cautiously shopping for bargains after shares and commodity prices globally in October posted their biggest decline ever on fears of a deep recession in the world economy.
Expectations of more interest rate cuts this week from Australia, Britain and the euro zone following last week's reductions from China, India, Japan and the United States among others has at the least slowed the panicked selling of risky assets that dominated most of October.
(Excerpt) Read more at reuters.com ...
Good news. Hopefully Wall Street follows along tomorrow and Tuesday.
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