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| Version 7 | Version 8 |
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| US stocks lifted by bank results | US stocks lifted by bank results |
| (10 minutes later) | |
| US stocks rose in early Wednesday trading after investors' mood was lifted by better than expected results from investment bank Morgan Stanley. | |
| Despite Morgan reporting a 42% drop in first-quarter profits, analysts had expected much worse from the bank. | Despite Morgan reporting a 42% drop in first-quarter profits, analysts had expected much worse from the bank. |
| By 1540 GMT, Wall Street's main Dow Jones index was up 28 points or 0.2% to 12,418, the Nasdaq was up 0.3%. | By 1540 GMT, Wall Street's main Dow Jones index was up 28 points or 0.2% to 12,418, the Nasdaq was up 0.3%. |
| London's main index was down slightly but in Paris and Frankfurt shares were slightly higher. | London's main index was down slightly but in Paris and Frankfurt shares were slightly higher. |
| Additional funds | Additional funds |
| Analysts said US investor confidence was further lifted by US Treasury Secretary Henry Paulson's announcement that changes to government-backed mortgage providers Fannie Mae and Freddie Mac would release an additional $200bn (£100bn) for the financing of home loans. | Analysts said US investor confidence was further lifted by US Treasury Secretary Henry Paulson's announcement that changes to government-backed mortgage providers Fannie Mae and Freddie Mac would release an additional $200bn (£100bn) for the financing of home loans. |
| US stocks were also helped by Tuesday's latest interest rate cut from the Federal Reserve. | US stocks were also helped by Tuesday's latest interest rate cut from the Federal Reserve. |
| Yet despite the rises, analysts said market turbulence could continue for some time. | Yet despite the rises, analysts said market turbulence could continue for some time. |
| Watchdog investigation | Watchdog investigation |
| In London, the FTSE 100 was down 15 points or 0.2% to 5,592 by 1540 GMT. | In London, the FTSE 100 was down 15 points or 0.2% to 5,592 by 1540 GMT. |
| The UK stocks news was dominated by sharp losses to banking stocks, led by HBOS. | The UK stocks news was dominated by sharp losses to banking stocks, led by HBOS. |
| The declines led to the UK market watchdog, the Financial Services Authority, announcing that it was looking into whether rumours had been deliberately spread to undermine bank shares. | The declines led to the UK market watchdog, the Financial Services Authority, announcing that it was looking into whether rumours had been deliberately spread to undermine bank shares. |
| Officials at the Bank of England denied that any UK banks were in trouble. | Officials at the Bank of England denied that any UK banks were in trouble. |
| Concerns about the financial strength of banks were strengthened last week when the fourth-largest corporate lender in the US, Bear Stearns, needed emergency funds before being bought by rival JP Morgan Chase. | Concerns about the financial strength of banks were strengthened last week when the fourth-largest corporate lender in the US, Bear Stearns, needed emergency funds before being bought by rival JP Morgan Chase. |