Hong Kong's Hang Seng index was spurred today on news the Chinese government is to introduce measures to stimulate its housing market, ending the day up nearly 2.2%.
As well as a number of other measures, the government has cut interest rates by a further 100 basis points to 0.5%.
Despite the cut, HSBC has decided it will not lower its prime rates and cited it had 'no room for adjustment'.
This did not stop shares in property developers Sun Hung Kai Properties and Henderson Land rising 4% and 7.8% respectively.
In the UK shares in HSBC have been rattled by a report from Asian stockbroker CLSA Asia Pacific Markets which says the bank may need to raise around $14bn to cover the declining value of its US and UK loan books.
The bank led falls on the FTSE 100 which is down 9.91 points and is currently the biggest loser with 6% knocked off its share value.
News that Morgan Stanley had turned in a worse than expected quarterly loss has hit Wall Street and the Dow Jones has lost over 1% so far in this morning's trading.
Traders are also awaiting details of any cut in oil production by Opec and the crude price has dipped towards $43 a barrel in anticipation of a big cut.IFAonline
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