European and Asian Stocks Up after US FED rate Cut

The Major Averages in Europe and Asia are up after an aggresive FED rate cut made by the US Federal Reserve Bank. The US stock market rallied yesterday, but how did the US dollar, gold and Oil react to this cut? According to Reuters, The dollar struck a 15-year low against a basket of currencies after the Fed rate cut eroded the yield appeal of the U.S. currency. The weakness of the dollar pushed gold prices to 16-month highs. Oil also rose above $82 as a result of the FED cut.

Japanese Stocks are running at a 2 week High as the Bank Of Japan left interest rates unchanged. The Nekkei closed up 3.7 percent, In South Korea market index closed up 3.5 percent. Hong Kong shares closed 4% higher in a broad rally that tracked strong global equities, with property stocks leading the way after the Fed's rate cuts. Sigapore's straight times index was up 3.4 percent. china was the lone ranger in Asia closing .06 percent down.

European Stocks were up sharply at opening of the markets but dipped slightly with dissapointing news from investment bank Morgan Stanley. The London FTSE was up 2.25, In France the CAC was up 2.39, and in Germany the DAX was up 1.92 percent.