Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Kenya’s opposition leader to take poll dispute to Supreme Court

Read more

MEDIAWATCH

Trump's 'unprecedented transgression'

Read more

THE DEBATE

US racial tension - How far should freedom of speech be allowed to go?

Read more

THE DEBATE

Burkina Faso attack: How to restore security in the Sahel region?

Read more

THE DEBATE

India and Pakistan mark 70 years of independence: Can the two countries ever reconcile?

Read more

ACCESS ASIA

India: Cows at heart of political debate

Read more

IN THE PAPERS

Trump again blames both sides for Charlottesville violence

Read more

IN THE PAPERS

'Macron: The shadow of a doubt'

Read more

BUSINESS DAILY

Talks to begin on revamping NAFTA trade deal

Read more

European markets jitter as hopes hang on US bailout plan

Latest update : 2008-09-30

Shares in European stock markets have fluctuated wildly in mid-morning trade as investors hope that US lawmakers would eventually agree on a billion-dollar rescue package to shore up financial markets.

Watch our Top Story, "Bailout on the ropes", and our Debate, "Crisis strikes Europe".

 

Read Douglas Herbert's commentary: "What if there's no bailout?"

 

European shares reversed steep early losses to turn positive in early Tuesday trade as investors bet that a rejected U.S. financial sector bailout package would eventually go through.
 
At 0815 GMT, the FTSEurofirst 300 index of top European shares was up 0.1 percent at 1,048.54 points as banks pared early losses and miners performed strongly on firm gold prices.
 
Among financials, ING gained 4.8 percent, Standard Chartered and HSBC rose 0.8 percent.
 
Rio Tinto led miners higher with a 4.3 percent rise.
 
U.S. lawmakers rejected the $700 billion bailout package on Monday, sending Wall Street into a tailspin.
 
"No one really expected a no vote, but it's encouraging that they're clearly going to vote on this again. Bush and Paulson will use their political might to twist people's arms. If you call heads or tails and lose, you toss the coin again," said an equities trader.
 
"Some people are also seeing the Irish government stepping in as a sign that more governments will get involved. We're coming off oversold positions but people will sell in any rally," he said.
 
Anglo Irish Bank jumped 21.7 percent and Allied Irish Banks gained 11 percent after the Irish government announced it would guarantee all deposits for two years to maintain financial stability.
 
"There is a decent chance that European Central Banks (ECB, BoE, SNB, Riksbank and the Danish Central Bank) will make emergency easing soon, perhaps this week, especially if the U.S. Fed is also ready to cut again," Citigroup said in a note.

Date created : 2008-09-30

COMMENT(S)