Market Report - Stocks Climb Amid Caution

CHAN:
Many Asian stock markets rose on Thursday. Central banks moved to boost liquidity in stormy financial markets.

The U.S., European and Swiss central banks extended emergency lending to investment banks and strengthened liquidity programs to ease credit market strains.

Japan's Nikkei edged higher. Gains in stocks like drug makers offset steep falls in exporters like carmaker Toyota and video game maker Nintendo.

South Korea's stock market climbed as steelmakers rallied on strong earnings and a positive outlook. Markets in Australia and Hong Kong also edged higher.

Despite the bounce, global markets still face key risks--including deeper credit problems and the tough task of reining in inflation.

Chinese stocks fell. Investors fear an economic slowdown, despite perceived efforts by authorities to boost market confidence over the Beijing Olympics.

Oil prices steadied after rising again in mid-week, but some analysts predict oil prices will again soar to record levels, after pulling back strongly this month.