Global stock markets surged as European governments pledged a total €1,873bn ($2,546bn) to shore up their financial sector and the US prepared to unveil its own comprehensive rescue plan on Tuesday. It was the best day for US stock markets since the rebound following the great crash of 1929. Signs of relief also emerged in the frozen credit markets, as three-month dollar Libor eased to 4.75% from 4.82%, although US Treasuries slid. Asian markets rebounded early Tuesday even before the plans were announced, and continued to rally into the afternoon, the Nikkei 225 surging nearly 14% by 1pm in Tokyo. Crude oil prices also strengthened.
US markets (Mon)
DJIA up 936.42 at 9,387.61
Nasdaq up 194.74 at 1,844.25
S&P500 up 104.13 at 1,003.35
Asian markets (Tues)
05:15am BST
Nikkei up 1,129.64 at 9,406.07
Topix up 109.20 at 950.06
Hang Seng up 650.85 at 16,963.01
European markets (Mon)
FTSE100 up 324.84 at 4,256.90
Eurofirst 300 up 86.18 at 937.41
Currencies
05.14am BST
€/$ 1.3682 (1.3522)
$/Y 102.24 (99.92)
£/$ 1.7533 (1.7027)
Commodities (updated)
Brent Crude (Nov08) up $1.54 at $79.00
Light Crude (Nov08) up $2.49 at $83.68
3M Copper 24HR up $265.00 at $5,115.00
100 Oz Gold (Dec8) up $7.50 at $850.00
10-year government bond yields (%)
US 4.03 (3.88)
UK 4.66 (4.46)
Germany 4.12 (3.99)
Japan 1.57 (1.54)
Sources: FT, Reuters