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European close: Shares soar as governments detail rescue plans
Mon, 01 Dec, 2008
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European close: Shares soar as governments detail rescue plans
Mon, 13 Oct 2008, 16:36:00
European markets extended earlier stellar gains as major governments in the region announced plans to help the troubled banking sector.
Germany will provide as much as €500bn in loan guarantees and capital to bolster the banking system, while France's President Nicolas Sarkozy said the government will guarantee €320bn of bank debt and allow up to €40bn to recapitalise banks.
Spain authorised the guarantee of up to €100bn of bank debt and sanctioned the buying of shares in banks that need capital. Italy and Austria have also announced similar measures.
In the UK, three of Britain's biggest banks - RBS, HBOS and Lloyds - are to benefit from a £37bn injection of cash from shareholders and the UK government.
Banks surged on the news with BNP Paribas, Credit Agricole, UBS and Dexia all posting strong gains.
Merrill Lynch also gave the sector a lift after it upgraded six banking stocks, including Commerzbank and Credit Suisse. Societe Generale was down though as traders speculated on losses on structured products in the bank.
Across the markets, the German DAX rose 518 points to 5062 with the French CAC jumping 355 points to 3531.
GDF-Suez shares climbed after a statement allayed fears that the company's profits will be hurt by new regulation in Belgium.
TUI AG soared after it sold two-thirds of its Hapag-Lloyd container shipping unit for €4.45bn.
German investment funds providers HCI Capital cut its outlook for 2008 equity placements and earnings.
Dutch company Philips Electronics was lower after it saw third-quarter profit slide 71% as restructuring costs hit results.
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