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Shares gain as confidence returns Shares gain as confidence returns
(30 minutes later)
Stocks markets in Asia have powered higher, with Japan's Nikkei index recording its biggest gain in history. Stocks markets in Europe and Asia have forged higher, as investors bet that state action to strengthen the banking system will ease the credit crisis.
Confidence is returning to markets as investors hope that government action to strengthen the banking system will ease the credit crisis. London's FTSE 100 index rose almost 4% in early trade, while Japan's Nikkei stock index posted a record 14% gain.
The US is set to unveil details of a plan to take stakes in banks, following steps by the UK and European leaders.The US is set to unveil details of a plan to take stakes in banks, following steps by the UK and European leaders.
The Nikkei 225 ended up 14.2% at 9,447.57 points, catching up with gains elsewhere after a holiday on Monday. President George W Bush will make a statement about the bank plan shortly before US markets open later.
The FTSE 100 was up 3.93%, or 167.29 points, at 4,424.19 points. In France the Cac 40 was up 4.04%, or 142.53 points at 3,674.03.
Bank shares led gains in London.
In Japan, the Nikkei 225 ended up 14.2% at 9,447.57 points - its biggest ever one-day gain as it caught up with gains elsewhere after a public holiday on Monday.
Fresh moves
The gains came after the US Dow Jones index jumped 11% on Monday as investors welcomed fresh moves to deal with the worldwide financial crisis.The gains came after the US Dow Jones index jumped 11% on Monday as investors welcomed fresh moves to deal with the worldwide financial crisis.
In the US, President George W Bush is due to make a statement about the bank plan shortly before markets open there later on Tuesday.
Australian package
In Hong Kong, the Hang Seng index was up 715.67 points, or 4.4%, at 17,027.83 by the mid-session break. South Korea's index finished the day 6.14% higher.In Hong Kong, the Hang Seng index was up 715.67 points, or 4.4%, at 17,027.83 by the mid-session break. South Korea's index finished the day 6.14% higher.
Australian PM Kevin Rudd announces a A$10.4bn economic stimulus packageAustralian PM Kevin Rudd announces a A$10.4bn economic stimulus package
Australia's main share index ended the day up 3.7%. Australia's main share index ended the day up 3.7% after Australian Prime Minister Kevin Rudd announced a 10.4bn Australian dollar ($7.3bn) economic stimulus package.
Australian Prime Minister Kevin Rudd has now announced a 10.4bn Australian dollar ($7.3bn) economic stimulus package.
It will allow for one-off payments to the country's low-wage earners and pensioners and follows earlier announcements of guarantees of bank deposits for three years.It will allow for one-off payments to the country's low-wage earners and pensioners and follows earlier announcements of guarantees of bank deposits for three years.
According to Mr Rudd, the strategy "will strengthen the national economy and support Australian households".According to Mr Rudd, the strategy "will strengthen the national economy and support Australian households".
Rescue plansRescue plans
On Monday, US Treasury and Federal Reserve Bank officials met the chief executives of some of the biggest banks in the US, to work out details of the government's $700bn (£400bn) bail-out package. The US government is expected to announce a $250bn (£143bn) bank rescue plan later, echoing steps taken by the UK and other European countries.
class="lp" href="http://news.bbc.co.uk/1/hi/talking_point/default.stm">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, Aberdeen class="" href="http://newsforums.bbc.co.uk/nol/thread.jspa?forumID=5485&edition=2&ttl=20081013130109">Send us your comments In return for injecting cash, the US will hold stakes in major banks including Goldman Sachs and Morgan Stanley.
The US is getting ready to follow in Europe's footsteps and purchase stakes in financial institutions. The money will come from the $700bn bail-out package approved by US lawmakers earlier this month.
Treasury Secretary Henry Paulson will give further details of the plan on Tuesday morning, with an expectation that funds will be injected into such major banks as JP Morgan Chase, Goldman Sachs and the Bank of New York Mellon Corp. Unlike the UK plan, all US banks will be expected to take part in the scheme, Ralph Silva, a banking analyst at Tower Group, told BBC News.
European governments have said they are allocating more than 1 trillion euros to protect the continent's banks through guarantees and other emergency measures. The US move follows similar steps taken by the UK government, which on Monday said it would inject up to £37bn of taxpayers cash into Royal Bank of Scotland, Lloyds TSB and HBOS.
So far Germany has approved a bank rescue plan worth up to 500bn euros, France will spend about 350bn euros, the Netherlands has pledged 200bn euros, Spain 100bn euros, and Austria 85bn euros. Likewise, European governments have said they are allocating more than 1 trillion euros to protect the continent's banks through guarantees and other emergency measures.
Italy said it would spend as much as was needed, without giving any exact figures.
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.
The European move follow similar steps taken by the UK government, which on Monday said it would inject up to £37bn of taxpayers cash into Royal Bank of Scotland, Lloyds TSB and HBOS.
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