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Markets stage cautious recovery | |
(about 2 hours later) | |
Global stocks have staged a tentative recovery 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 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 1.2% at 5,086 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. | UK banking shares experienced the most volatile trading. |
Top UK mortgage lender HBOS, which has faced heavy selling this week, fell as much as 50% before recovering after the BBC learned that it was in advanced talks to be taken over by Lloyds TSB. | |
I don't think anyone has got any or much confidence in market direction for more than a few days Darren Winder, Cazenove | |
HBOS shares were down 2% at 178p in lunchtime trade. Shares in Barclays were up 11.4%, Lloyds TSB climbed 15.6% while Royal Bank of Scotland was down 2.2%. | |
Topsy-turvy 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. | Trade is likely to remain rocky amid concern that financial system instability will continue after the dramatic events of the past few days. |
"I don't think anyone has got any or much confidence in market direction for more than a few days," said Darren Winder, a strategist at Cazenove. | |
THE DAY'S KEY EVENTS Beleaguered HBOS is in merger talks with Lloyds TSB after a steep fall in its share priceUS insurance giant AIG bailed out by US governmentStock markets are volatile as global investors remain nervousTrading on the Russian stock exchange has been suspended.Barclays has snapped up key assets from Lehman Brothers after its bankruptcy. | |
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. | 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 share index rose 0.3%, while Germany's Dax index was up 0.6% after weaving in and out of negative territory. | |
Russia's stock exchange suspended trade following steep falls in shares. | Russia's stock exchange suspended trade following steep falls in shares. |
Japan's Nikkei 225 index ended up 1.2% at 11,749.79, having risen by as much as 2.3% earlier in the day. The index had hit a three-year low on Tuesday. | |
Hong Kong's Hang Seng index ended down 3.6% at 17,637.19 points. | Hong Kong's Hang Seng index ended down 3.6% at 17,637.19 points. |