NEW YORK |
NEW YORK (Reuters) – Stocks were set to gain more than 2 percent at the open on Wednesday as a coordinated action by major central banks to provide liquidity to the global financial system boosted investors’ appetite for risky assets.
The U.S. Federal Reserve, the European Central Bank as well as the central banks of Canada, Britain, Japan and Switzerland agreed to lower the cost of existing dollar swap lines by 50 basis points starting from December 5.
The actions came as China unexpectedly cut its banks’ reserve requirements in hopes of boosting an economy running at its weakest pace since 2009.
SP 500 futures jumped 33 points and were above fair
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