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European midday: Markets continue surge
Thu, 20 Nov, 2008
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European midday: Markets continue surge
Mon, 13 Oct 2008, 12:21:00
Markets in Europe continue to post big gains as investors cheer plans by governments in the region to help out troubled banks by providing capital.<br /><br />Policymakers, who are due to release more details later today, settled on the principles of a rescue plan worth billions of euros in Paris over the weekend.<br /><br />In the UK, a deal has already been thrashed out. 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.<br /><br />France and Germany will implement a plan along with the 13 other eurozone heads, based on the British model, whereby they will provide capital to struggling banks and guarantee or buy new debt issues.<br /><br />Banks lead the recovery in the markets with BNP Paribas, Credit Agricole, UBS and Dexia all up. Societe Generale was down though as traders speculates on losses on structured products in the bank<br /><br />Credit Suisse gained after Merrill Lynch upgraded the financial services group to "neutral" from "underperform".<br /><br />Across the markets, the German DAX has surged 296 points to 4840 with the French CAC up 180 points to 3356.<br /><br />GDF-Suez shares climb after a statement allayed fears that new regulation in Belgium will not affect the company's profits.<br /><br />TUI AG soared after it sold two-thirds of its Hapag-Lloyd container shipping unit for €4.45bn. <br /><br />German investment funds providers HCI Capital cut its outlook for 2008 equity placements and earnings.<br /><br />Dutch company Philips Electronics is lower after it saw third-quarter profit slide 71% as restructuring costs hit results.
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