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Global investors remain nervous | Global investors remain nervous |
(about 1 hour later) | |
Global stocks suffered more turbulence on Wednesday as investors assessed yet more dramatic financial news. | |
The US government's rescue of troubled insurer AIG and a potential takeover of UK lender HBOS boosted confidence but markets were still volatile. | |
The FTSE 100 index of top UK shares was up 1.3% at 5,089.4 points, rising with other European markets. | |
Stocks in Tokyo, Taipei, and Seoul all rose, although prices in Hong Kong, Shanghai and Australia lost ground. | Stocks in Tokyo, Taipei, and Seoul all rose, although prices in Hong Kong, Shanghai and Australia lost ground. |
UK banking shares experienced the most volatile trading. | |
HBOS stock, which has faced heavy selling this week, fell as much as 50% before shooting into positive territory after the BBC learned that it was in advanced talks to be taken over by Lloyds TSB. | |
HBOS shares were up 4% at 189 pence by mid-morning. | |
Barclays was up 6.3%, Royal Bank of Scotland was up 3.3% and Lloyds TSB climbed 3.6%. All three had seen sharp falls in early trade. | |
Topsy-turvy trade | |
Trade is likely to remain rocky amid concern that financial system instability will continue after the dramatic events of the past few days. | |
AIG's bail-out follows the collapse of US investment bank 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. |
France's Cac 40 index rose 0.7%, while Germany's Dax was up 0.4% after weaving in and out of negative territory. | |
Russia's stock exchange suspended trade following steep falls in shares. | |
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 ended down 3.6% at 17,637.19 points. |