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US bank news lifts world shares US bank news lifts world shares
(20 minutes later)
European and Asian shares have risen strongly in Tuesday trading, boosted by JP Morgan Chase raising its takeover offer for rival US bank Bear Stearns.European and Asian shares have risen strongly in Tuesday trading, boosted by JP Morgan Chase raising its takeover offer for rival US bank Bear Stearns.
Echoing the overnight gains on Wall Street, stocks were further lifted by a surprise rise in US home sales.Echoing the overnight gains on Wall Street, stocks were further lifted by a surprise rise in US home sales.
The UK's FTSE 100 index was up 3.25%, or 178 points, to 5,674 in early trade, while Japan's Nikkei earlier added 2%.The UK's FTSE 100 index was up 3.25%, or 178 points, to 5,674 in early trade, while Japan's Nikkei earlier added 2%.
JP Morgan's higher offer for troubled Bear Stearns has eased fears about the extent of woes in the banking sector.JP Morgan's higher offer for troubled Bear Stearns has eased fears about the extent of woes in the banking sector.
'Ready for rebound' 'Ready for a rebound'
France's Cac and Germany's Dax were both up 3% in early trading.France's Cac and Germany's Dax were both up 3% in early trading.
We have gone down low enough and the market is ready for a rebound Francis Lun, Fulbright SecuritiesWe have gone down low enough and the market is ready for a rebound Francis Lun, Fulbright Securities
Hong Kong's Hang Seng index earlier advanced 6.4%, while shares in Australia added 3.3%. Hong Kong's Hang Seng index earlier closed up 6.4%, while shares in Australia added 3.3%.
Investor attention now turns to the latest official US consumer confidence data due out later.Investor attention now turns to the latest official US consumer confidence data due out later.
Analysts were divided on whether Tuesday's gains were likely to continue.
"I think this is the beginning of a rally," said Francis Lun, a general manager at Fulbright Securities in Hong Kong."I think this is the beginning of a rally," said Francis Lun, a general manager at Fulbright Securities in Hong Kong.
"We have gone down low enough and the market is ready for a rebound. Banks will lead the rally.""We have gone down low enough and the market is ready for a rebound. Banks will lead the rally."
But Societe Generale's Arthur van Slooten said the gains may only "be a temporary relief".
"To be convinced that this is the floor, we need more indications that the credit market is stabilising," he said.
"Until that happens, equities will remain under pressure, so this could be a small rally in a bear market."