Asian shares recover after Fed comments

| June 8, 2010
Asian shares recover after Fed comments

Federal Reserve Chairman Ben Bernanke yesterday allayed investor fears after saying the US economy appeared to have enough momentum to avoid a “double-dip” recession.

Mr Bernanke also said he believes European leaders are taking the right steps to ensure the survival of the euro.

“European leadership is strongly committed to doing whatever is necessary to preserve the euro, preserve the euro zone, preserve the European project, and avoid financial problems that would certainly arise,” Mr Bernanke said.

Yesterday, global shares plunged after ongoing fears about the euro zone debt crisis and disappointing US jobs data with Japan’s Nikkei closing down 3.8% – its biggest daily fall in over a year.

However, Asian shares recovered today with the Japan’s Nikkei index closing up 0.2%, while Hong Kong’s Hang Seng index was closed up 0.4%.

Australian shares also gained 0.9%, while China, South Korea, Taiwan and Singapore were also up.

However, so far this morning the gains have not yet reached London’s FTSE index, which opened down 24 points (0.5%).

The FTSE closed yesterday 1.1% lower at 5,069.06.

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