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Global shares extend gains on US stimulus deal

AFP, New York
World stock markets rose further on Friday as a quick agreement by US leaders on a stimulus package eased concerns over the fallout from a weakening US economy, dealers said.
As a volatile week drew to a close, the rebound on Asian and European markets picked up steam with key bourses recouping some of the heavy losses sustained over worries of a US recession.
The White House and leaders in the House of Representatives, led by the rival Democratic party, reached a surprisingly quick deal Thursday aimed at shoring up an economy wracked by housing sector turmoil.
Tokyo's benchmark Nikkei-225 index closed up more than four percent, extending gains for a third day. but it was still down 1.68 percent from a week ago and nearly 11 percent since the start of the war.
'The worst period appears to be ending for now. The mood of panic has been fading." said Toshikazu Horiuchi, an analyst at Cosmo Securities.
Hong Kong closed up 6.7 percent on Friday after slipping Thursday in the wake of French
ment that a rogue trader caused losses of more than seven billion dollars.
But dealers rejoiced on seeing the limited fallout to European equities from the Societe Generate frpud case, one of the biggest in history.
"The Hong Kong market has been crazy. It tends to overreact to all news out there." said Jackson Wong, investment manager at Tanrich Securities.
In early European trade Friday, London's FTSE 100 index of leading shares rose 0.83 percent to reach 5.924.50 points. Frankfurt's DAX 30 climbed by 2.29 percent to 6,977.36 points and in Paris the CAC 40 rallied 0.89 percent to 4.958.91.
Europe's main stock markets had closed sharply higher on Thursday -- with gains of between 4.75 and 6.04 percent.
The 150-billion-dollar US stimulus package, which comes in an election year, includes tax rebates and business incentives. Earlier this week the Federal Reserve made an unprecedented emergency cut of three-quarters of a percentage point in its benchmark interest rate.
"The White House had earlier been expected to have a hard time in getting a congressional accord but it came quickly," said Toshihiko Matsuno, who is in charge of mar-
ket research at SMBC Friend Securities.
"But this is positive news only for now," he said. "Longer-term concerns over the US economy still linger."
All major Asian markets posted gains on Friday, with Sydney shoo t -ingup more than five percent.
"Traders waded into still murky waters looking for treasure, lifting the market across all sectors higher,” CMC Markets senior dealer Dominic Vaughan said.
The US economy has been hit by rising defaults on mortgage payments by "subprime" customers who were issued loans during the last housing boom despite patchy credit histories.
Economists fear that the resulting heavy losses to financial institutions will turn off the flow of cash feeding into the wider economy as the companies struggle to contain their losses.
"Fundamentally, nothing has been sorted out," said Hirokazu Fujiki, strategist at Okasan Securities. "It wouldn't be a surprise if there is another wave of selling sometime in the near future."
All eyes will be on a regularly scheduled two-day Federal Reserve meeting starting Tuesday, which analysts expect to slash interest rates even further.