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Stocks climb on hopes of recovery World stocks up on recovery hopes
(about 2 hours later)
European stocks rose on Monday, after climbs in Asia as several governments intervened to boost their economies. World stock markets rose on Monday, after climbs in Asia as 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%. However the rises in the US and Europe were less dramatic than in Asia. The Dow Jones Industrial Average added 0.04% in morning trade.
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. Markets in Europe had pared earlier gains, with Germany's Dax, France's Cac and London's FTSE 100 edging 0.1% up.
But traders were cautious, saying uncertainty remained in the market. The MSCI index in the Asia-Pacific region had risen 5.1% but traders cautious, saying uncertainty remained.
"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 a change in short-term interest rates 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 added 2.5% after seeing profits fall more than 80%, but said it was better positioned for the downturn ahead. Later shares fell back and were 0.8% higher.
Deutsche Bank was also higher, adding 5.2%. Deutsche Bank was also higher, adding 3%.
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%.
ConfidenceConfidence
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.