Overview
Officials appear to have persuaded investors that they have put into place measures that will cushion the economic blow and ensure that the financial system continues to function. After seemingly goading officials into action, investors are choosing not to resist. Moreover, there is a recognition that many programs are scalable. Risk assets dipped initially yesterday and came roaring back. Good follow-through buying was seen in the Asia-Pacific region. Australia and Taiwan were exceptions to the general move. Australia's benchmark had begun off with around 2% gains before slumping, and finished off more than 5%.