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Markets surge after crisis talks Markets surge after crisis talks
(29 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 5%, tracking earlier gains on Asian markets.The UK's FTSE 100, France's Cac 40 and Germany's Dax index all jumped more than 5%, 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. Global round-up: markets reactSend us your commentsThe hope in the markets is that political leaders have finally grasped the nettle Keith Bowman, Hargreaves Lansdown Stockbrokers. Global round-up: markets reactSend us your comments
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 205.5 points, or 5.23%, at 4,137.56 points.The FTSE 100 index was up 205.5 points, or 5.23%, at 4,137.56 points.
"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 GMTFTSE 100 INDEX: 13 October 2008*All Times GMT
European actionEuropean action
In other key developments on Monday:
  • 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.
  • The UK said it would inject up to £37bn of taxpayer money into Royal Bank of Scotland (RBS), Lloyds TSB and HBOS.
  • Governments in Germany, France and Italy are expected to unveil their bank rescue plans this week, within an agreed eurozone framework.
  • Reports said that Germany's financial rescue plan would total about 400bn euros ($545bn;£318bn), with Chancellor Angela Merkel due to make a statement later.
In other key developments on Monday:
  • 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.
  • The UK said it would inject up to £37bn of taxpayer money into Royal Bank of Scotland (RBS), Lloyds TSB and HBOS.
  • Governments in Germany, France and Italy are expected to unveil their bank rescue plans this week, within an agreed eurozone framework.
  • Reports said that Germany's financial rescue plan would total about 400bn euros ($545bn;£318bn), with Chancellor Angela Merkel due to make a statement later.
Nicolas Sarkozy announces the rescue planNicolas Sarkozy announces the rescue plan
  • The Icelandic stock exchange said share trading would remain suspended until Tuesday due to continuing "unusual market conditions".
  • Trading on the Russian stock market resumed after regulators halted operations last week because of unprecedented volatility. The rouble-denominated MICEX - rose 3.9% to 727.7.
  • The Icelandic stock exchange said share trading would remain suspended until Tuesday due to continuing "unusual market conditions".
  • Trading on the Russian stock market resumed after regulators halted operations last week because of unprecedented volatility. The rouble-denominated MICEX - rose 3.9% to 727.7.
LifelinesLifelines
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.
"Central banks will continue to work together and are prepared to take whatever measures are necessary to provide sufficient liquidity," the European Central Bank 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 European Central Bank said in its statement.
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 rallyAsian 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.
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