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Australia Guarantees Deposits, Financials Rise
Oct 13, 7:57 PM ET |
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| Stocks in Australia rose after the government extended deposit guaratees to all bank deposits. The unprecedented move helped lower interbank loan rates and lifte stocks. European government plan to offer 1.16 trillion euros to resuce banks also weighed on the market. Oil and metals prices gained. |
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HK, Shanghai Rise in Asian Rally
Oct 13, 7:32 PM ET |
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| Hong Kong and Shanghai stocks rose sharply after European governments offered to support bank loans and interbank lending. Hopes of HK intervention to bolster stocks were rife after a suggestion of a similar action by a top regulator. |
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UK Offers £37 Billion, RBS, HBOS Lloyds Bailout
Oct 13, 7:13 PM ET |
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| UK stocks surged after the European goverments took aggressive steps and offered $1.7 trillion in capital to loan to banks and take direct stakes as well. The broad action emerged after a meeting of European leaders in Washington and in Paris. UK also took stakes in RBS, HBOS and Lloyds TSB. |
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Dow Soars 936; S&P, Nasdaq Surges 12%
Oct 13, 6:16 PM ET |
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| Stocks in New York surge more than 11% in the largest one-day gain since 1939 on the hopes that €1.16 trillion bailout plan in Europe will stabilize global financial system. A steep rise in European markets bolstered confidence. Energy and banks led the charge. Gold drops 2.5%, oil rises 5%. |
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Apple, Prudential Surge, Banks Soar
Oct 13, 3:49 PM ET |
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| Banks traded sharply higher after European government announced a bank bailout plan of $1.8 trillion. The huge fiscal support lifted markets in Europe, New York and Asia. Apple surged. Insurance companies rallied. Steel, mining and energy companies gained on a rise in metals and oil prices. |
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Europe Offers €1.16 Trillion Bank Support
Oct 13, 6:31 PM ET |
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| European leaders after a weekend of discussions offered national plans to support banks and also take direct stakes in banks that will wipe out many shareholders. The European governments offered €1.16 trillion to support banks in Germany, France, Spain and Austria. UK will take direct stakes. |
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European Markets Rise 11%, Asian Up 7%
Oct 13, 5:32 PM ET |
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| Stocks in Europe surge 11%, in Asia close up 7% and in New York soar 6%. European governments decided to inject large sums of capital in banks and banking system. Crude oil price rebound 4% lifting the energy complex stocks around the world. Banks rise in the U.S. and Europe. UK banks trade mix. |
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Mitusbishi UFJ Injects $9 B in Morgan Stanley
Oct 13, 6:12 PM ET |
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| Mitsubishi UFJ completed its purchase of 21% stake in Morgan Stanley after lowering the conversion price of the convertible stock to $25.25. The stock pays 10% dividend. It is not clear if Mitsubishi UFJ will be given shares if Morgan Stanley stock falls further or raises capital at a lower price. |
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Turbulent Trading in New York
Oct 10, 4:49 PM ET |
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| Stocks recovered from near 6% loss two times in the trading today. In the late afternoon regulators suggested that settlement for Lehman bonds insurance went ahead with no apparent damage to the financial system. Banks recovered after the news and led the rebound in the indexes. |
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World Leaders Discuss Regional Approaches
Oct 10, 4:47 PM ET |
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| The finance ministers gather in Washington to discuss current financial markets and banking system health and look for a global solution. The European political leaders are meeting in Paris this weekend to find their own solution but are likely to focus on banking system. |
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