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Asian Markets Up After Global Plunge
Monday August 13, 12:29 am ET
Asian Markets Recover Gradually From Worldwide Plunge Set Off by U.S. Mortgage Crisis


TOKYO (AP) -- Asian markets rebounded Monday in early trading, recovering gradually from a worldwide plunge set off by volatility from a U.S. mortgage crisis.
The Nikkei 225, the benchmark for the Tokyo Stock Exchange, edged up 0.5 percent in morning trading to 16,844.59, as jitters subsided over the subprime mortgage problem that had set off aggressive selling Friday.


Taiwan shares also were higher in morning trading, inching up 0.3 percent at 8,961.09.

On Wall Street, the Dow Jones industrials closed out a tough week, ending with just a 31-point deficit, or 0.23 percent, and managed to post a gain for the week.

The U.S. Federal Reserve injected billions of dollars into the banking system to calm market turmoil. On Thursday, the Dow fell 387 points and extended a series of triple-digit moves that began in late July.

Earlier, other global stock markets had tumbled.

Stock markets in Europe declined, unappeased by the European Central Bank's decision to inject another 61 billion euros ($83.9 billion) into the banking system Friday, a day after it provided nearly 95 billion euros ($130.8 billion), the bank's biggest infusion ever.

In Asia, short-term investors led the selling Friday on concerns the credit crunch set off by the subprime sector could spill over.

On Friday, the Bank of Japan said it injected 1 trillion yen ($8.39 billion) into money markets to curb rises in a key overnight interest rate. The central bank pumped another 600 billion yen ($5 billion) into money markets Monday.

http://biz.yahoo.com/ap/070813/world_markets.html?.v=2