This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7666608.stm
The article has changed 23 times. There is an RSS feed of changes available.
| Version 5 | Version 6 |
|---|---|
| Markets surge after crisis talks | Markets surge after crisis talks |
| (10 minutes later) | |
| European and Asian markets have rallied in response to efforts by world leaders to end the recent financial turmoil. | European and Asian markets have rallied in response to efforts by world leaders to end the recent financial turmoil. |
| The UK's FTSE 100, France's Cac 40 and Germany's Dax index all jumped more than 6%, tracking earlier gains on Asian markets. | The UK's FTSE 100, France's Cac 40 and Germany's Dax index all jumped more than 6%, tracking earlier gains on Asian markets. |
| Major central banks said they would offer financial institutions an unlimited amount of short-term dollar loans to help stem the crisis. | Major central banks said they would offer financial institutions an unlimited amount of short-term dollar loans to help stem the crisis. |
| EU leaders said on Sunday no big bank would be be allowed to fail. | EU leaders said on Sunday no big bank would be be allowed to fail. |
| The hope in the markets is that political leaders have finally grasped the nettle Keith Bowman, Hargreaves Lansdown Stockbrokers. class="" href="/1/hi/world/7666845.stm">Global round-up: markets react | |
| UK shares got a boost after the government said it would inject up to £37bn of taxpayer cash into Royal Bank of Scotland (RBS), Lloyds TSB and HBOS. | UK shares got a boost after the government said it would inject up to £37bn of taxpayer cash into Royal Bank of Scotland (RBS), Lloyds TSB and HBOS. |
| The FTSE 100 index was up 268.56 points, or 6.83%, at 4,200.62 points, with gains led by banking stocks. | The FTSE 100 index was up 268.56 points, or 6.83%, at 4,200.62 points, with gains led by banking stocks. |
| "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. |
| "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. |
| FTSE 100 INDEX: 13 October 2008*All Times GMT | FTSE 100 INDEX: 13 October 2008*All Times GMT |
| European action | European action |
| Governments in Germany, France and Italy are expected to unveil their individual plans this week, within an agreed eurozone framework, French President Nicholas Sarkozy said on Sunday. | Governments in Germany, France and Italy are expected to unveil their individual plans this week, within an agreed eurozone framework, French President Nicholas Sarkozy said on Sunday. |
| Reports said that Germany's financial rescue plan will total about 400bn euros ($545bn;£318bn), with Chancellor Angela Merkel due to make a statement later. | Reports said that Germany's financial rescue plan will total about 400bn euros ($545bn;£318bn), with Chancellor Angela Merkel due to make a statement later. |
| Nicolas Sarkozy announces the rescue plan | Nicolas Sarkozy announces the rescue plan |
| Trading on the Russian stock market resumed after regulators halted operations last week because of unprecedented volatility. | Trading on the Russian stock market resumed after regulators halted operations last week because of unprecedented volatility. |
| The rouble-denominated MICEX - where most of Russia's trading takes place - rose 3.9% to 727.7. | The rouble-denominated MICEX - where most of Russia's trading takes place - rose 3.9% to 727.7. |
| The US Federal Reserve, the European Central Bank, the Swiss National Bank and the Bank of England unveiled further measures to thaw frozen credit markets. | The US Federal Reserve, the European Central Bank, the Swiss National Bank and the Bank of England unveiled further measures to thaw frozen credit markets. |
| They said they would provide unlimited dollar funds to financial institutions via money market auctions. | They said they would provide unlimited dollar funds to financial institutions via money market auctions. |
| "Central banks will continue to work together and are prepared to take whatever measures are necessary to provide sufficient liquidity," the ECB said in its statement. | "Central banks will continue to work together and are prepared to take whatever measures are necessary to provide sufficient liquidity," the ECB said in its statement. |
| Lifelines | Lifelines |
| Governments around the world had been racing to throw financial institutions a lifeline before the major markets re-opened. | Governments around the world had been racing to throw financial institutions a lifeline before the major markets re-opened. |
| At the weekend, finance ministers from the main industrialised nations - the G7 - approved a five-point plan to unfreeze credit markets, and a number of countries announced individual rescue packages. | At the weekend, finance ministers from the main industrialised nations - the G7 - approved a five-point plan to unfreeze credit markets, and a number of countries announced individual rescue packages. |
| A European plan was confirmed after an emergency Paris summit of the 15 eurozone leaders. | A European plan was confirmed after an emergency Paris summit of the 15 eurozone leaders. |
| Under the eurozone plan, members pledged to guarantee loans between banks until the end of 2009, and said they would put money into them by buying preference shares. | Under the eurozone plan, members pledged to guarantee loans between banks until the end of 2009, and said they would put money into them by buying preference shares. |
| 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 move raised confidence as markets opened, and Australia's central bank on Monday pumped $2bn into the banking system to facilitate improve lending between banks. | The move raised confidence as markets opened, and Australia's central bank on Monday pumped $2bn into the banking system to facilitate improve lending between banks. |
| Asian shares rally | Asian shares rally |
| Australia's benchmark index ended 5.6% higher and South Korea's main Kospi index finished up 3.8%. | Australia's benchmark index ended 5.6% higher and South Korea's main Kospi index finished up 3.8%. |
| Hong Kong shares ended up 9.7% and Shanghai's benchmark index rose 3.65% after falling earlier. | Hong Kong shares ended up 9.7% and Shanghai's benchmark index rose 3.65% after falling earlier. |
| But Taiwan stocks fell 2.15%. | But Taiwan stocks fell 2.15%. |
| Japan's stock market was closed for a public holiday. | Japan's stock market was closed for a public holiday. |
| How is the credit crisis affecting you and others in your country? Are you connected to a company or business experiencing difficulties? You cans send us your experiences using the form below: | How is the credit crisis affecting you and others in your country? Are you connected to a company or business experiencing difficulties? You cans send us your experiences using the form below: |