Sunday, October 12, 2008

Markets rally after crisis talks

Hong Kong traders, file pic
Several markets rose after a weekend of crisis talks by world leaders

Asian markets have reacted positively to efforts by world leaders to end the recent financial turmoil.

Shares in Australia, Hong Kong, South Korea and Singapore were up in morning trading but Taiwan opened down. Tokyo's market was closed for a public holiday.

EU leaders earlier said no big bank would be be allowed to fail, as they agreed a plan to tackle the crisis.

World governments had been racing to throw financial institutions a lifeline before the major markets re-opened.

At the weekend finance ministers from the main industrial nations - the G7 - approved a five-point plan to unfreeze credit markets, and a number of countries announced individual rescue packages.

Australia's Prime Minister Kevin Rudd said his government would guarantee all bank deposits, however large, for the next three years.

[more from the BBC]


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