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April 2, 2009    

Global stock markets rise on G20 summit hopes

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by Kay Murchie
”Global

Stockmarkets throughout the world have risen today as leaders of the world’s largest economies gather in London for the G20 summit.

London‘s FTSE 100 index broke through the 4000 mark gaining 135 points to 4090.65 points this morning.

However, the gains could also be attributed to the announcement from the Nationwide today, which revealed a 0.9% rise in March house prices. Furthermore, a Bank of England report revealed that lending is set to increase over the next few months.

Overnight, Hong Kong’s Hang Seng index rose 7.4% to 14521.97 points, while Tokyo’s Nikkei gained 4.4% to 8719.78. Singapore’s Straits Times index soared almost 6%.

It is hoped the G20 summit will come to an agreement on how to deal with the global financial crisis.

The G20 group comprises the world’s most powerful economies and since the nations last met in Washington in November, the global economic downturn has worsened.

Both the International Monetary Fund and the World Bank are forecasting that the world economy will contract this year - the first time since World War II.

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