VOA标准英语2008年-Asian Stock Markets Rebound After US Rate Cut

Asian stocks recouped some of their steep losses of the past two days after market confidence received a shot in the arm from the U.S. Federal Reserve. But as VOA's Heda Bayron reports from Hong Kong, stock analysts¹ say the markets may remain volatile² despite Tuesday's U.S. interest-rate cut.

Most Asian indexes jumped within minutes of opening Wednesday as investors³ heaved a sigh of relief after two days of panic selling.

On Tuesday, the U.S. Federal Reserve cut interest rates by three-quarters of a percentage point - its biggest cut in more than two decades.

However, Ben Kwong, strategist at KGI Capital Asia in Hong Kong, says it is not yet clear if the rate cut will have a long-term impact.

"I think the rate cut by the Fed is a little bit late and the market is expecting more," he said. "I think today the rebound⁴ is just mainly due to short covering and not due to genuine buying. I think investors still have to see if the market can stabilize⁵ at the current level."

Japan's Nikkei 225 index climbed more than two percent Wednesday, after losing more than nine percent in two days. South Korea's KOSPI rose more than one percent, while Australia's S&P/ASX 200 surged 4.4 percent.

Some stock analysts say the Fed's surprise intervention⁶ Tuesday signaled that the toll⁷ on the U.S. economy of the home mortgage crisis may be worse than expected.

They expect another rate cut next week when the Federal Open Market Committee - which sets U.S. monetary⁸ policy - meets again.

As the specter of a U.S. recession loomed⁹, investors in the region have been selling shares in companies viewed highly vulnerable to a U.S. economic slowdown - mainly Asian exporters. In Wednesday's rallies, some exporters rose along with the rest of the market.