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Tokyo dealing floors unleashed an unprecedented frenzy of buying on Tuesday morning, pumping shares up by more than 13 per cent in what traders described as “the best two hours money can buy”. The same euphoria washed over other Asian markets: Hong Kong stocks built on yesterday's 10.2 per cent surge with another 5 per cent bull-run in early Tuesday trading, while financial stocks in Korea led a strong rebound in the Kospi Index. The extraordinary Japanese rally, which followed a market holiday on Monday and a record overnight surge on Wall Street, came as investors piled back into the stocks they had so ruthlessly savaged over the course of the previous seven sessions. “It's still early, but we could be seeing a global market acceptance that last Friday marked the bottom of this meltdown,” said one RBS broker, “people seem... [read full story]
