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Global investors remain nervous | |
(30 minutes later) | |
A rally in global stock markets fizzled out as investors remained concerned about the precarious state of the financial system. | |
European exchanges had opened higher after the US government rescue of AIG but quickly reversed course as trading became more volatile. | |
The FTSE 100 index of leading shares was down 1.2% at 4,966.3 points. | |
Banking shares were the chief fallers, with UK lender HBOS plunging 38% after a 22% slide on Tuesday. | |
Stocks in Tokyo, Taipei, and Seoul all rose, although prices in Hong Kong, Shanghai and Australia lost ground. | |
HBOS, which owns Halifax and Bank of Scotland, continued to suffer. Although it opened up 8% at 196.9 pence, it was later down 38% at 113p. | |
RBS fell 8% and Lloyds fell 3.84%. | |
However, investors remain 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%. |
In Europe, Swiss bank UBS was up 11% and French lender Societe Generale rose 5.7 | 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. |