THROUGH THE ROOF: Macquarie Bank saw its biggest jump in a decade and Mizuho Financial Group the largest in three months on reduced concerns on the US economy
Asian stocks rallied the most in a year after the US Federal Reserve unexpectedly cut its discount rate, halting a global equities sell-off that erased more than US$5.5 trillion of market value.

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Oil prices fell in Asian trade yesterday as energy facilities in the US appeared to be safe for the time being from the fury of Hurricane Dean, dealers said.

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Japan's central bank said yesterday that it would inject ¥1 trillion (US$8.7 billion) into the banking system as part of ongoing efforts to restore calm to financial markets.

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HSBC Holdings Plc, Europe's biggest bank by market value, said it is in talks to buy 51 percent of Korea Exchange Bank from Lone Star Funds, as it seeks to narrow a gap with international rivals in Asia's third-biggest economy.

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