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| Version 3 | Version 4 |
|---|---|
| Europe shares rise after US vote | Europe shares rise after US vote |
| (about 1 hour later) | |
| European stocks have risen in Thursday trading following the US Senate's decision overnight to back the revised American financial rescue plan. | |
| The UK's FTSE 100 index was up 66 points, or 1.3%, in lunchtime trading in London, while Germany's Dax had gained 42 points, or 0.7%, to 5,848. | |
| Analysts said European investors seemed hopeful the US House of Representatives will now back the revised scheme. | |
| The House is now expected to vote on the new proposal on Friday. | |
| European talks | |
| The European share gains also came after France confirmed that President Nicolas Sarkozy will host a summit on the global financial crisis on Saturday. | |
| Investors are still concerned about the efficiency of this rescue plan and how it can help the global economy Aric Au, Phillip Securities | Investors are still concerned about the efficiency of this rescue plan and how it can help the global economy Aric Au, Phillip Securities |
| UK Prime Minister Gordon Brown is due to attend, together with German Chancellor Angela Merkel, Italian Prime Minister Silvio Berlusconi, and European Central Bank President Jean-Claude Trichet. | |
| Confirmation of the meeting came as European leaders denied speculation that they wanted to establish a unified 300bn euro ($418.4bn; £236bn) banking rescue deal along the same lines as the US plan. | |
| The rescue idea was said to be being proposed by France, but Mr Sarkozy insisted that there were no such plans. | |
| "I deny both the amount and the principle [of such a plan]," he said. | |
| 'Essential' | |
| Since the first US $700bn (£380bn) plan was rejected, the White House has made a number of changes to help win over opponents. | |
| Senator Harry Reid expects the House of Representatives to approve the bill. | |
| These include raising the government's guarantee on savings from $100,000 to $250,000, tax breaks to help small businesses, expansion of child tax credit, and help for victims of recent hurricanes. | These include raising the government's guarantee on savings from $100,000 to $250,000, tax breaks to help small businesses, expansion of child tax credit, and help for victims of recent hurricanes. |
| President George W Bush said that the package was "essential to the financial security of every American". | President George W Bush said that the package was "essential to the financial security of every American". |
| However, economists said doubts remained about how effective the package would be. | However, economists said doubts remained about how effective the package would be. |
| "Investors are still concerned about the efficiency of this rescue plan and how it can help the global economy," said Aric Au of Phillip Securities in Hong Kong. | "Investors are still concerned about the efficiency of this rescue plan and how it can help the global economy," said Aric Au of Phillip Securities in Hong Kong. |
| McCain and Obama | |
| US presidential hopefuls John McCain and Barack Obama, who both returned from the campaign trail for last night's Senate debate, voted in favour of the rescue plan. | |
| Senate majority leader Harry Reid, a Democrat, said he was happy with the result and praised both presidential candidates for voting. | |
| "I think it shows that when we work together we can accomplish good things," he said. | |
| Mitch McConnell, leader of Republican senators, was also in jubilant mood. | |
| "This was a measure that was much needed, to unfreeze the credit markets and get America's economy working again," he said. |