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| Version 2 | Version 3 |
|---|---|
| Stocks climb on hopes of recovery | Stocks climb on hopes of recovery |
| (about 5 hours later) | |
| European stocks rose on Monday, after climbs in Asia as several governments intervened to boost their economies. | |
| However by early afternoon markets had pared gains, with Germany's Dax up 0.8% while France's Cac rose 0.2% and London's FTSE 100 edged up 0.4%. | |
| The MSCI index in the Asia-Pacific region had risen 5.1% after South Korea set out a $11bn stimulus plan and India cut short-term interest rates. | |
| 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%. | India's Sensex rose some 440 points or 4.6%. |
| Banks were among the main climbers in Asia and Europe. | 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. | 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%. | 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%. | 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 14-trillion-won economic stimulus package on Monday that helped send shares in Seoul 1.4% higher. | South Korea announced an 14-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. | 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. |