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Markets stage cautious recovery Global investors remain nervous
(30 minutes later)
Global markets have staged a tentative recovery in response to the US government rescue of insurance giant AIG, but investors remain nervous. A rally in global stock markets fizzled out as investors remained concerned about the precarious state of the financial system.
European markets opened higher, with the FTSE 100 index of leading shares rising 1% to 5,086.4 points. European exchanges had opened higher after the US government rescue of AIG but quickly reversed course as trading became more volatile.
Banking shares were the chief gainers, however UK lender HBOS continued to suffer after a 22% slide on Tuesday. The FTSE 100 index of leading shares was down 1.2% at 4,966.3 points.
Stocks in Tokyo, Taipei, and Seoul all rose, although prices in Hong Kong and Australia lost ground. Banking shares were the chief fallers, with UK lender HBOS plunging 38% after a 22% slide on Tuesday.
The dollar also rose against major currencies. 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%.
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 5.7In 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.