Anglo Irish Bank gains 67 percent
by Elaine Frei
European equities markets saw gains Tuesday after Democrats and Republicans said the US Congress will pass a bailout of the US financial sector, possibly as early as later this week.
Banks in the region were mixed, with Bank of Ireland (ISEQ: BKIR; LSE: BKIR: NYSE: IRE) up 21 percent and Anglo Irish Bank (ISEQ: ANGL; LSE: ANGL; FWB: CKL) adding 67 percent to more than make back its decline on Monday after the Irish government backed six lenders there.
In London, the FTSE 100 added 1.74 percent to 4,902.45 while the FTSE 250 gained 1.22 percent to 7,888.1.
The FTSE Eurofirst 300 was up 1.59 percent to 1,063.65 while the IBEX added 0.38 percent to 10,987.5, the Dax was 0.41 percent higher to 5,831.02 and the CAC-40 gained 1.99 percent to 4,032.1.
Equities markets in the Asia-Pacific region were mixed Tuesday in reaction to Monday’s refusal by the US House of Representatives to pass a proposed bailout plan, hurting investor confidence before the later pledges to return to work on a plan to rescue the US financial sector and as South Korea, Indonesia, and Taiwan said they would enact further initiatives to stop or sharply limit the short-selling of stock.
In Tokyo, the Nikkei 225 was down 4.12 percent to 11,259.86 while the Topix index fell 3.59 percent to 1,087.41 and the Mothers market dropped 2.42 percent to 402.71.
Other decliners included the Straits Times Index, which was down 0.1 percent to 2,358.91, while the Kospi fell 0.57 percent to 1,448.06, the Taiex was 3.55 percent lower to 5,719.28 and in Australia the S&P/ASX200 and the Sydney Ordinaries each dropped 4.3 percent, to 4,600.5 and 4,631.3 respectively.
The Hang Seng added 0.76 percent to 18,016.21 and the Sensex gained 2.1 percent to 12,860.43 while the Shanghai Composite was closed for a holiday.
Bargain hunters lifted Wall Street a day after the Dow Jones Industrial Average plunged more than 777 points for its largest one-day point decline in history.
At nearly 2 p.m. in New York, the Dow had added 3.3 percent to 10,707.69 while the Nasdaq Composite was up 3.8 percent to 2,059.04 and the S&P 500 had gained 4.16 percent to 1,152.4.
The price of crude oil climbed in London and New York while precious metals prices fell and grains prices were mixed.
The euro was down on another bank bailout in the region.
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