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Markets surge after crisis talks Markets surge after crisis talks
(20 minutes later)
US shares have risen strongly in early trading as investors welcome fresh efforts by global leaders to end the recent financial turmoil.US shares have risen strongly in early trading as investors welcome fresh efforts by global leaders to end the recent financial turmoil.
Echoing gains in Europe and Asia, Wall Street's main Dow Jones index rose 440 points, or 5.2%, to 8,892.Echoing gains in Europe and Asia, Wall Street's main Dow Jones index rose 440 points, or 5.2%, to 8,892.
The increases came after the Group of Seven (G7) richest nations agreed a five-point action plan at the weekend.The increases came after the Group of Seven (G7) richest nations agreed a five-point action plan at the weekend.
European shares were further lifted by fresh moves by governments to inject more public funds into banks.European shares were further lifted by fresh moves by governments to inject more public funds into banks.
Germany has approved a package worth up to 500bn euros (£393bn; $683bn), France will spend about 350bn euros, and Spain has set aside 100bn euros.Germany has approved a package worth up to 500bn euros (£393bn; $683bn), France will spend about 350bn euros, and Spain has set aside 100bn euros.
The bulk of this money will be used to guarantee lending between banks - part of a plan agreed this weekend by the 15 nations that use the euro. Austria pledged 85m euros, while Italy said it would spend as much as was needed, without giving any exact figures.
The cash will also be used to take stakes in ailing banks, and other European nations are due to follow suit. The bulk of the European money will be used to guarantee lending between banks - part of a plan agreed this weekend by the 15 nations that use the euro.
The cash will also be used to take stakes in ailing banks.
UK bank moveUK bank move
In other key developments on Monday:
  • The UK government said it would inject up to £36bn of taxpayers cash into Royal Bank of Scotland, Lloyds TSB and HBOS
  • The news lifted UK shares, with the main FTSE 100 index advancing 167 points or 4.2% to 4,099
  • Germany's Dax index added 400 points, or 8.9%, while France's Cac 40 climbed 197 points, or 6.2%
  • Some central banks said they would offer financial institutions an unlimited amount of short-term dollar loans to help stem the crisis
  • The Icelandic stock exchange said share trading would remain suspended until Tuesday due to continuing "unusual market conditions"
In other key developments on Monday:
  • The UK government said it would inject up to £36bn of taxpayers cash into Royal Bank of Scotland, Lloyds TSB and HBOS
  • The news lifted UK shares, with the main FTSE 100 index advancing 167 points or 4.2% to 4,099
  • Germany's Dax index added 400 points, or 8.9%, while France's Cac 40 climbed 197 points, or 6.2%
  • Some central banks said they would offer financial institutions an unlimited amount of short-term dollar loans to help stem the crisis
  • The Icelandic stock exchange said share trading would remain suspended until Tuesday due to continuing "unusual market conditions"
Momentous dayMomentous day
"Today marks another momentous day in both UK and global financial history," said Keith Bowman, equity analyst at Hargreaves Lansdown Stockbrokers."Today marks another momentous day in both UK and global financial history," said Keith Bowman, equity analyst at Hargreaves Lansdown Stockbrokers.
HAVE YOUR SAYIt seems Mr Brown and Co. have no choice in this matter and these takeovers are necessary, but its very wrong that it is the tax payer that should have to do thisAnthony Halpin, AberdeenSend us your commentsHAVE YOUR SAYIt seems Mr Brown and Co. have no choice in this matter and these takeovers are necessary, but its very wrong that it is the tax payer that should have to do thisAnthony Halpin, AberdeenSend us your comments
"The hope in the markets is that political leaders have finally 'grasped the nettle', with substantial and coherent rescue plans now being formulated and rolled into place.""The hope in the markets is that political leaders have finally 'grasped the nettle', with substantial and coherent rescue plans now being formulated and rolled into place."
Asian shares had earlier closed up strongly.Asian shares had earlier closed up strongly.
Australia's Prime Minister Kevin Rudd said his government would guarantee all bank deposits, however large, for the next three years.Australia's Prime Minister Kevin Rudd said his government would guarantee all bank deposits, however large, for the next three years.
The cash injection moves by Germany, France and Spain follow after talks between all 15 eurozone countries in Paris on Sunday.The cash injection moves by Germany, France and Spain follow after talks between all 15 eurozone countries in Paris on Sunday.
DOW JONES INDUSTRIAL AVERAGE: 13 October 2008*All Times GMTDOW JONES INDUSTRIAL AVERAGE: 13 October 2008*All Times GMT
The two-fold plan involves guaranteeing lending between banks and taking stakes in financial institutions - similar to the bank rescue in the UK announced last week.The two-fold plan involves guaranteeing lending between banks and taking stakes in financial institutions - similar to the bank rescue in the UK announced last week.
The US is also getting ready follow in Europe's footsteps and purchase stakes in financial institutions.The US is also getting ready follow in Europe's footsteps and purchase stakes in financial institutions.
"We are designing a standardised programme to purchase equity in a broad array of financial institutions," said Neel Kashkari, the treasury official in charge of the US government's $700bn bail-out package."We are designing a standardised programme to purchase equity in a broad array of financial institutions," said Neel Kashkari, the treasury official in charge of the US government's $700bn bail-out package.
On Friday, G7 finance ministers meeting in Washington promised to take "decisive action".On Friday, G7 finance ministers meeting in Washington promised to take "decisive action".
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