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Shares gain as confidence returns Shares gain as confidence returns
(20 minutes later)
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.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.
London's FTSE 100 index rose almost 4% in early trade, while Japan's Nikkei stock index posted a record 14% gain.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.
President George W Bush will make a statement about the bank plan shortly before US markets open later.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.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.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.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 movesFresh 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 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% after Australian Prime Minister Kevin Rudd announced a 10.4bn Australian dollar ($7.3bn) economic stimulus package.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.
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
The US government is expected to announce a $250bn (£143bn) bank rescue plan later, echoing steps taken by the UK and other European countries.The US government is expected to announce a $250bn (£143bn) bank rescue plan later, echoing steps taken by the UK and other European countries.
In return for injecting cash, the US will hold stakes in major banks including Goldman Sachs and Morgan Stanley.In return for injecting cash, the US will hold stakes in major banks including Goldman Sachs and Morgan Stanley.
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The money will come from the $700bn bail-out package approved by US lawmakers earlier this month.The money will come from the $700bn bail-out package approved by US lawmakers earlier this month.
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.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.
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.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.
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.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.


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