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Shares climb after intervention Shares climb after intervention
(about 1 hour later)
Most European and Asian shares have moved ahead as investors absorbed news of a co-ordinated interest rate cut.Most European and Asian shares have moved ahead as investors absorbed news of a co-ordinated interest rate cut.
Banking shares helped push the UK's FTSE 100 index 2.9% higher in early trade, while France's Cac-40 rose 2.7%. and Germany's Dax-30 added 1.9%. Banking shares helped push the UK's FTSE 100 index 3% higher in early trade, while France's Cac-40 rose 2.9%. and Germany's Dax-30 added 2.4%.
But Japan's Nikkei index surrendered early gains after Prime Minister Taro Aso worried investors by urging more action to boost the country's economy. Positive reaction to the UK bank rescue package boosted shares in HBOS by 32%, while Royal Bank of Scotland added 18%. But Japan's Nikkei index closed lower after its prime minister urged more action to boost the country's economy.
The measures would be on top of a stimulus plan already proposed. The measures proposed by Taro Aso would be on top of a 2 trillion yen ($19.5bn; £11.5bn) stimulus plan already proposed.
Turbulent week
Seven central banks on Wednesday cut interest rates in an effort to steady the faltering global economy.Seven central banks on Wednesday cut interest rates in an effort to steady the faltering global economy.
As the turbulent week continued, in other developments:
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  • US Treasury Secretary Henry Paulson warned that some banks will still fail despite the $700bn (£406bn) rescue package to shore up the financial system.
  • Iceland's largest bank, Kaupthing, became the third financial institution to be taken over by the country's government in the past week.
  • UK Chancellor Alistair Darling flew to the US to discuss the co-ordinated cutting of interest rates by six central banks.
 It came after the UK government's announcement of a package of measures aimed at rescuing the banking system. This package makes available £400bn ($692bn) of fresh money.
Japan uncertainty As the turbulent week continued, in other developments:
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  • US Treasury Secretary Henry Paulson warned that some banks will still fail despite the $700bn (£406bn) rescue package to shore up the financial system.
  • Iceland's largest bank, Kaupthing, became the third financial institution to be taken over by the country's government in the past week.
  • Dexia shares jumped 25% after France, Belgium and Luxembourg announced they would provide state guarantees for its borrowings.
  • UK Chancellor Alistair Darling flew to the US to discuss the co-ordinated cutting of interest rates by six central banks.
Turbulent trade
Russian stock markets climbed strongly - after re-opening following a suspension in trading on Wednesday.Russian stock markets climbed strongly - after re-opening following a suspension in trading on Wednesday.
The benchmark RTS index added 5.5% in early trading Micex index climbed 7%.The benchmark RTS index added 5.5% in early trading Micex index climbed 7%.
Japan's benchmark Nikkei lost 0.5% or 45.83 points to close at 9,157.5.Japan's benchmark Nikkei lost 0.5% or 45.83 points to close at 9,157.5.
Shares had been ahead for most of trading after the Bank of Japan injected two trillion yen into the money markets in an effort to calm fears.Shares had been ahead for most of trading after the Bank of Japan injected two trillion yen into the money markets in an effort to calm fears.
But Mr Aso's call for further action prompted a sell-off.But Mr Aso's call for further action prompted a sell-off.
The Nikkei had suffered its biggest one-day drop in 21 years on Wednesday, with the index shedding nearly 10% of its value.The Nikkei had suffered its biggest one-day drop in 21 years on Wednesday, with the index shedding nearly 10% of its value.
In Sydney, Australia's main share index fell 1.8%, but Hong Kong's Hang Seng index added 3.3% after its central bank announced a half a percentage point cut to its interest rate, taking it to 2%.In Sydney, Australia's main share index fell 1.8%, but Hong Kong's Hang Seng index added 3.3% after its central bank announced a half a percentage point cut to its interest rate, taking it to 2%.
South Korea's stock market climbed after the central bank announced an interest rate cut of a quarter of a percentage point.South Korea's stock market climbed after the central bank announced an interest rate cut of a quarter of a percentage point.