Global Stocks Rebound as Oil Claws Back from 3-Year Low
BANGKOK, Thailand (AP) - Most Asian and European markets rebounded Friday after sharp declines in recent days as investors scooped up battered financial and technology shares.
Major Asian benchmarks opened lower after Wall Street tumbled to multiyear lows overnight but climbed into positive territory in afternoon trading.
Oil prices, which had fallen below $ 49 a barrel to three-year lows in early trading, also bounced back Oil rose towards $ 50 a barrel on Friday, rebounding from a three and half year low and buoyed by rallies in Europe and Asian equities on talk that China may cut interest rates later in the day.
Oil has fallen by 11 percent this week taking it close to a $ 100 drop from its July record high and setting it on course for the steepest weekly decline since the week of Oct. 6.
US light crude for January delivery rose 35 cents to $ 49.77 a barrel at 0920 GMT, its first increase after five straight sessions of losses.
Japan's Nikkei 225 stock average rose 207.75, or 2.7 percent, to 7,910.79, helped in part by a weaker yen, and Hong Kong's Hang Seng index …
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Publication information: Article title: Global Stocks Rebound as Oil Claws Back from 3-Year Low. Contributors: Not available. Newspaper title: Manila Bulletin. Publication date: November 22, 2008. Page number: Not available. © 2009 Manila Bulletin Publishing Corp. COPYRIGHT 2008 Gale Group.
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