News Journal

Asian stocks rise after Fannie and Freddie takeover

As the market opened in Asia on Monday the market reacted positively to the U.S. Fed preparation to take over the mortgage companies Fannie Mae and Freddie Mac. The S & P indexes jumped by 3% and Asian Pacific indexes went up by 4.4%.

The investors were sure that the companies Fannie Mae and Freddie Mac were in trouble and as the U.S. government is directly handling these companies, it is expected that the problem of credit will be solved. Yen lowered in the market against Euro and Dollar also dropped against Euro.