• Shares leap: Gigantic comeback as market cheers bank boost
    12 replies, posted
[img]http://media.news.com.au/cs/newscomau/v2/_shared/base/css/images/icons/homepage-title.png[/img] Source: [url]http://www.news.com.au/business/gigantic-comeback-as-markets-cheer-bank-boost/story-e6frfm1i-1226161000317[/url] [img]http://resources3.news.com.au/images/2010/02/17/1225831/191471-wall-st-100217.jpg[/img] Traders pictured on the floor of the New York Stock Exchange with major US stockmarket indices rallying strongly. Source: Bloomberg [release][B]THE Australian sharemarket is rallying again today, jumping more than 1.2 per cent in early trade as hope emerges of an end to the eurozone debt crisis.[/B] Yesterday, the Australian sharemarket posted its largest gains in almost three years adding $34 billion to the value of Australia’s leading 200 companies. The upswing in investor confidence comes as European leaders move to recapitalise the banks, meaning they would be in a better position to weather a possible Greek default. Overnight, outgoing European Central Bank (ECB) president Jean-Claude Trichet said the bank would continue to assist lenders in a bid to avert a possible credit crunch in the eurozone. Speaking at a news conference, ECB President Jean-Claude Trichet urged "banks to do all that is necessary to reinforce balance sheets" where needed. European Commission President Jose Manuel Barroso also said in a TV interview: “We are now proposing member states to have a co-ordinated action to recapitalise banks and so to get rid of toxic assets they may have.” The Bank of England (BOE) also took similar action to help banks, by announcing a new program of buying government and corporate bonds from commercial banks over a four-month period to encourage lending and, in turn, boost economic activity. Markets cheered the news with European stocks closing more than three per cent higher and US stocks up 1.5 per cent. In more reassuring news, a decision is nearing whether Europe will expand the EFSF (European Financial Stability Fund) to €440bn ($438bn). The Dutch and Maltese parliaments voted yesterday to expand the fund leaving only one country to vote – Slovakia, which will happen on Tuesday. Approval by all 17 eurozone nations is needed for the changes to come into effect, giving the EFSF what many hope and believe will be a crucial role in taming a eurozone debt crisis threatening the economy and the banking system.[/release]
Awesome to hear. The TSX was up 322.85 points, or +%2.82, which is a relief considering the big losses this past month. Actually, on the 3rd it hit a 52-week low, at under 11,000 points. The DJIA is bouncing back as well after good news in the Eurozone Crisis.
Oh, it's Australia. Well good for their markets, increase is usually a helpful thing.
USA. USA. USA.
Oh, no, wait, it's Australia. Well, I'm not sure what to say. Nice to see the world coming back, little by little.
[QUOTE=stepat201;32662103]USA. USA. USA.[/QUOTE] [QUOTE=Atlascore;32662123]Steve Jobs died for your economies. [sp]Too soon, I'm sorry.[/sp][/QUOTE] Good to see that you two read the thread.
[QUOTE=lulzbocksV2;32662156]Good to see that you two read the thread.[/QUOTE] Good to see you acting like a dick for no reason.
[QUOTE=Atlascore;32662182]Congratulations, you didn't read either. "Markets cheered the news with European stocks closing more than three per cent higher and US stocks up 1.5 per cent."[/QUOTE] Yeah I'm sure that's what he was cheering about.
heh i thought the title said "shares [b]leap[/b]" [editline]6th October 2011[/editline] oh wait it did [editline]6th October 2011[/editline] snip [editline]6th October 2011[/editline] HELP MY SNIP ISNT WORKING [editline]6th October 2011[/editline] snip
[QUOTE=Atlascore;32662182]Congratulations, you didn't read either. "Markets cheered the news with European stocks closing more than three per cent higher and US stocks up 1.5 per cent."[/QUOTE] "[B]The Australian sharemarket[/B] is rallying again today, jumping more than 1.2 per cent in early trade as hope emerges of an end to the eurozone debt crisis."
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