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Markets soar on Fed relief

Friday, October 09, 2015 - 01:27

Stocks head for their biggest weekly rise in four years after minutes of the Federal Reserve show no rush to raise interest rates, whilst at the IMF meeting in Peru, Christine Lagarde is optimistic on China's slowdown. Kirsty Basset reports.

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Markets seemed to breathe a sigh of relief on Friday, after Fed minutes showed the U.S. central bank in no hurry to raise interest rates. World stocks were on course for their biggest weekly rise in four years, as it seems the Fed probably won't raise rates until sometime next year. Hargreaves Lansdown's Richard Hunter. (SOUNDBITE)(English) HEAD OF EQUITIES, HARGREAVES LANSDOWN, RICHARD HUNTER, SAYING: "They can't risk derailing the U.S. economic recovery at a time when clearly the size of an economy like China could have a detrimental impact. So it rather seems as if they're playing safe, and the cautious approach has of course been welcomed by the markets." But not everyone is worried about China's slowing economy. At an annual IMF/World Bank meeting in Lima, IMF chief Christine Lagarde described China's slowdown as healthy, as its economy shifts towards being led by consumer spending. (SOUNDBITE)(English) IMF MANAGING DIRECTOR CHRISTINE LAGARDE SAYING: "The slowdown in growth is a phenomenon that was predictable, expected, anticipated, and we believe that it's a good move." She says the world is stuck in a "new mediocre" economic growth pattern. But some economies still manage to surprise. French industry increased production by the most in over two years in August, jumping 1.6 per cent, well above expectations of a half per cent increase.

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