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European open: Stocks jump on bank bail-out initiatives
Mon, 01 Dec, 2008
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European open: Stocks jump on bank bail-out initiatives
Mon, 13 Oct 2008, 09:19:00
European stocks jumped in early deals as plans by governments to help out the struggling banking sector gave investors some relief. <br /><br />Governments across Europe met over the weekend and agreed to help out troubled banks by providing capital and insuring or buying new debt issues. <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 />Banks lead the recovery in the markets with BNP Paribas, Credit Agricole, UBS, Dexia and Societe Generale all rising. <br /><br />Across the markets, the German DAX surged 293 points to 4838 with the French CAC increasing 224 points to 3400.<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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