Asian markets revel in rate cut as FTSE sulks

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...