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/7705559.stm
The article has changed 7 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
Stocks climb on hopes of recovery | |
(about 1 hour later) | |
Leading European stocks rose on Monday, echoing rises in Asia, after a number of governments intervened to try to boost their economies. | |
The Frankfurt-based Dax added 1.3% while the Paris-based Cac rose 0.4% and London's FTSE 100 climbed 0.8%. | |
The MSCI index in the Asia-Pacific region rose 5.1%. South Korea has set out a $11bn stimulus plan and India has cut short-term interest rates recently. | |
But traders were cautious, saying uncertainty remained in the market. | But traders were cautious, saying uncertainty remained in the market. |
"There is still widespread scepticism over the steps taken to unfreeze the credit markets, as it will be a while before things start looking up on a sustained basis," brokerage India Infoline said following the rate change in India. | "There is still widespread scepticism over the steps taken to unfreeze the credit markets, as it will be a while before things start looking up on a sustained basis," brokerage India Infoline said following the rate change in India. |
India's Sensex rose some 440 points or 4.6%. | |
Banks were among the main climbers in Asia and Europe. | |
Societe Generale was up 2.5% after seeing profits in line with forecasts, even though these fell more than 80% during the quarter. | |
Deutsche Bank was also higher, adding 5.2%. | |
China's ICBC was up nearly 10%, Indian lender ICICI added 8% and Australia's investment bank Macquarie rose 12.4%. | |
Confidence | Confidence |
South Korea announced an 11-trillion-won economic stimulus package on Monday that helped send shares in Seoul 1.4% higher. | South Korea announced an 11-trillion-won economic stimulus package on Monday that helped send shares in Seoul 1.4% higher. |
Miles Remington, head of Asian sales trading at BNP Paribas Securities in Hong Kong, said: "I don't think it's a massive change in direction. | Miles Remington, head of Asian sales trading at BNP Paribas Securities in Hong Kong, said: "I don't think it's a massive change in direction. |
"More a case of a little more confidence going forward in massively oversold stocks and ... global organized attempts to deal with the issues," he said. | "More a case of a little more confidence going forward in massively oversold stocks and ... global organized attempts to deal with the issues," he said. |
Hong Kong's Hang Seng index rose 3% on hopes that lending limits would been lifted, helping small firms. | |
Central banks in the US, Japan, China, as well as India, have all cut borrowing costs to boost their economies in the last week. | Central banks in the US, Japan, China, as well as India, have all cut borrowing costs to boost their economies in the last week. |
There are growing expectations that the Bank of England and the European Central Bank will follow suit this week. | There are growing expectations that the Bank of England and the European Central Bank will follow suit this week. |