London Market in Turmoil
- added September 30, 2008
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- bansheewail
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The London stockmarket staged a remarkable rally today amid optimism that the rescue plan for the US banking sector could be revived following last night's shock rejection by Congress.
Having plunged 147 points in early trading, the FTSE 100 index surged back into positive territory and was up 24.6 points by 1.30pm at 4843.3.
Britain's battered banks bucked the trend, though, with HBOS down more than 16% at one stage — putting its takeover by Lloyds TSB in doubt. As fears continue to stalk the financial sector, Bank of England governor Mervyn King met Gordon Brown this morning to discuss the crisis.
Shares had been expected to plunge sharply today, on the back of the massive losses on Wall Street last night, where the Dow Jones industrial average shed 777.7 points. It is now tipped to come roaring back when trading begins at 2.30pm BST.
In a sombre address this afternoon, the US president, George Bush, said Congress must reach agreement on the bail-out.
"The consequences get worse every day if we do not act."
Analysts said there were hopes that the deadlock over the US government's proposed $700bn (£380bn) bailout of Wall Street could be resolved.
Having plunged 147 points in early trading, the FTSE 100 index surged back into positive territory and was up 24.6 points by 1.30pm at 4843.3.
Britain's battered banks bucked the trend, though, with HBOS down more than 16% at one stage — putting its takeover by Lloyds TSB in doubt. As fears continue to stalk the financial sector, Bank of England governor Mervyn King met Gordon Brown this morning to discuss the crisis.
Shares had been expected to plunge sharply today, on the back of the massive losses on Wall Street last night, where the Dow Jones industrial average shed 777.7 points. It is now tipped to come roaring back when trading begins at 2.30pm BST.
In a sombre address this afternoon, the US president, George Bush, said Congress must reach agreement on the bail-out.
"The consequences get worse every day if we do not act."
Analysts said there were hopes that the deadlock over the US government's proposed $700bn (£380bn) bailout of Wall Street could be resolved.
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- bansheewail
- 1 month ago
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