Most Asian Stock Markets Up Sharply After Fannie/Freddie Takeover.

Some VC readers were wondering what the US Stock Market is likely to do on Monday, the day after the federal takeover of Fannie Mae and Freddie Mac.

While the opening on the New York market is still 12 hours away and anything can happen, right now Dow Index futures are up 244-249 points, SP 500 futures are up 33 points, and NASDAQ futures are up 38.5 points.

This is the biggest evening-before jump I remember seeing in the last year (though I don't check every day). Right now, Australia, Japan, and Singapore are up 3.6-3.8%; So. Korea and Hong Kong are up 4.4-4.6%; and Taiwan is up 5.4%. Shanghai, however, is the laggard, up only 0.1%.

Was about to comment thus earlier. NZ is up as well, and financial stocks are leading the charge.
9.7.2008 11:15pm
The criticism of GWB for making another right decision will begin in 3... 2... 1...
9.7.2008 11:17pm
Smokey, premature either way I think. It's good for Asian markets, but you'll have to wait a few hours to see how the U.S. reacts.
9.7.2008 11:23pm
Mark Field (mail):
Here's Barry Ritholz's take on the timing and the effect on Asian markets.
9.7.2008 11:38pm
Substanceless pap from Ritholz imo.
9.7.2008 11:52pm
llamasex (mail) (www):
Smokey, Right decision? The stock market is up because the taxpayers are bailing out a company (though it is a special company). Just because the stock market goes up doesn't make it good a good call.
9.8.2008 12:04am
Any market increase will only help those who (a) are still crazy enough to be in equities of financials, and (b) sell immediately.

Good idea.
9.8.2008 12:31am
Hey! cnaizheng! You Chinese, man!? Great! I have some really good bonds I'd like to sell you! Call me.
9.8.2008 2:16am
NickM (mail) (www):
pjh wins the thread.

9.8.2008 7:13pm