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Markets stage cautious recovery Markets stage cautious recovery
(40 minutes later)
Global markets have staged a tentative recovery in response to the US government rescue of insurance giant AIG, but investors remain nervous.Global markets have staged a tentative recovery in response to the US government rescue of insurance giant AIG, but investors remain nervous.
European markets opened higher, with the FTSE 100 index of leading shares rising 1% to 5,086.4 points.European markets opened higher, with the FTSE 100 index of leading shares rising 1% to 5,086.4 points.
Stocks in Tokyo, Taipei, and Seoul all rose, although share prices in Hong Kong and Australia lost ground after starting higher. Banking shares were the chief gainers, however UK lender HBOS continued to suffer after a 22% slide on Tuesday.
Stocks in Tokyo, Taipei, and Seoul all rose, although prices in Hong Kong and Australia lost ground.
The dollar also rose against major currencies.The dollar also rose against major currencies.
Investors are concerned that financial markets will remain unstable after the dramatic events of the past few days. However, investors remain concerned that financial markets will remain unstable after the dramatic events of the past few days.
AIG's bail-out follows the collapse of US investment giant Lehman Brothers, which caused share prices to plummet across the world's financial markets.AIG's bail-out follows the collapse of US investment giant Lehman Brothers, which caused share prices to plummet across the world's financial markets.
Another investment bank, Merrill Lynch, has been sold off to Bank of America.Another investment bank, Merrill Lynch, has been sold off to Bank of America.
The French stock market echoed London's gains, with Paris' Cac 40 index up 1.6%.The French stock market echoed London's gains, with Paris' Cac 40 index up 1.6%.
Banking shares led the rally. Barclays climbed 7.4%, Lloyds rose 5% and RBS gained 4.8%.
However HBOS, which owns Halifax and Bank of Scotland, continued to suffer. It opened up 8% at 196.9 pence but later reversed gains to fall 8% to 167p.
In Europe, Swiss bank UBS was up 11% and French lender Societe Generale rose 5.7
Japan's Nikkei 225 index ended up 1.2% at 11,749.79, after hitting a three-year low on Tuesday. The index had earlier rose as much as 2.3%.Japan's Nikkei 225 index ended up 1.2% at 11,749.79, after hitting a three-year low on Tuesday. The index had earlier rose as much as 2.3%.
Hong Kong's Hang Seng index was down 1.85% at 17,691.2 points after earlier rising as high 18,699.18.Hong Kong's Hang Seng index was down 1.85% at 17,691.2 points after earlier rising as high 18,699.18.