Posted on 10/13/2008 12:53:14 AM PDT by Republicain
European and Asian markets have rallied in response to efforts by world leaders to stem the recent financial turmoil.
London's FTSE 100 index and France's Cac 40 index both jumped more than 5% - tracking earlier gains on Asian markets. Bank shares led the advance.
Major central banks also made extra funds available and said they would take "whatever measures necessary" to end the crisis. EU leaders said on Sunday no big bank would be be allowed to fail. Banking shares were among the biggest gainers on London's FTSE 100 index, with Royal Bank of Scotland climbing 4.8%, Barclays up 16.75% and HSBC surging 56%.
Governments around the world had been racing to throw financial institutions a lifeline before the major markets re-opened.
At the weekend, finance ministers from the main industrialised nations - the G7 - approved a five-point plan to unfreeze credit markets, and a number of countries announced individual rescue packages.
Australia's benchmark index ended 5.6% higher and South Korea's main Kospi index finished up 3.8%.
By 0645 GMT, Hong Kong shares were up 3.2% and Shanghai's benchmark index moved into positive territory after falling earlier. But Taiwan stocks fell 2.15%.
Japan's stock market was closed for a public holiday.
(Excerpt) Read more at news.bbc.co.uk ...
^KS11 Seoul Composite 1,288.53 2:02AM ET Up 47.06 (3.79%)
^HSI Hang Seng 16,302.75 3:44AM ET Up 1,505.88 (10.18%)
^SSEC Shanghai Composite 2,073.57 3:00AM ET Up 73.00 (3.65%)
ttt
Aw, they’re just trying to “catch a falling knife”...
Aw, they’re just trying to “catch a falling knife”...
Great for socialism. Governments ‘loan’ banks billions, banks can’t pay back. Soon government owns all banks, then they can dry up all credit, except to those that support socialist government.
They’ve (socialist US gov) already almost accomplished a 50 percent ownership of the real estate market in the US, with Fannie and Freddie owning half of all mortgages in the country now - and no other than minorities need apply at either institution. Banks followed suit - finding it easier to make minority loans and run them through F&F.
We’re racing to the point where government owns 100% of real estate loans - and all banking.
Great for socialism. Governments ‘loan’ banks billions, banks can’t pay back. Soon government owns all banks, then they can dry up all credit, except to those that support socialist government.
They’ve (socialist US gov) already almost accomplished a 50 percent ownership of the real estate market in the US, with Fannie and Freddie owning half of all mortgages in the country now - and no other than minorities need apply at either institution. Banks followed suit - finding it easier to make minority loans and run them through F&F.
We’re racing to the point where government owns 100% of real estate loans - and all banking.
should i buy fomoco at $2.00?
or, is that a junk stock?
BFL
Market crisis ping
test
Not time to buy yet.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.