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Most Asian markets recover on hopes for US bailout

Wednesday, October 1st, 2008
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Most Asian markets recover on hopes for US bailout | The Jakarta Post
Most Asian markets bounced back Wednesday on hopes that a US$700 billion bailout for the U.S. financial system will soon win legislative approval, although doubts persisted about the long-term outlook for the global economy.

Japan’s Nikkei 225 index, the benchmark for Asia’s biggest bourse, gained 108.40 points, or 0.96 percent, to close at 11,368.26. On Tuesday, it plunged 4.1 percent to its lowest in more than three years on disappointment that the U.S. House of Representatives had rejected the bank rescue package.

Australian stocks rallied, with the benchmark S&P/ASX-200 index jumping 4.2 percent after sinking 4.3 percent Tuesday. Markets in Taiwan and India also gained.

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