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| Version 2 | Version 3 |
|---|---|
| US bank news lifts world shares | US bank news lifts world shares |
| (about 1 hour 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 3.5% to 5,690 in noon trading in London, 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 a rebound' | 'Ready for a rebound' |
| France's Cac was up 3.4% in lunchtime trading in Paris, while Germany's Dax had added 3.3%. | |
| We have gone down low enough and the market is ready for a rebound Francis Lun, Fulbright Securities | We have gone down low enough and the market is ready for a rebound Francis Lun, Fulbright Securities |
| Hong Kong's Hang Seng index earlier closed up 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. | 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". | 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. | "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." | "Until that happens, equities will remain under pressure, so this could be a small rally in a bear market." |