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  • seafoodsnacks seafoodsnacks Nov 20, 2007 11:18 AM Flag

    Startling News Fed To Call Emergency Meeting Today Say Hong Kong Brokers

    HK shares reverse early slide on talk of Fed meeting

    Tue Nov 20, 2007 7:02 AM GMT

    HONG KONG, Nov 20 (Reuters) - Hong Kong stocks reversed steep early losses in afternoon trade on Tuesday, with brokers citing talk that the U.S. Federal Reserve would call an emergency meeting later in the day.

    The Fed was scheduled to publish its first ever set of enhanced economic forecasts on Tuesday as it releases the minutes of the last Federal Open Market Committee (FOMC) meeting.

    The mini rally was helped by gains by Tokyo's Nikkei <.N225> and mainland Chinese stocks <.CSI300> prompted investors to pick up battered shares such as China Mobile (0941.HK: Quote, Profile , Research).

    The benchmark Hang Seng Index <.HSI> was trading up nearly 0.1 percent by 0633 GMT, but then fell back into negative territory. (Reporting by Rita Chang, editing by Dominic Whiting)

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