01 October, 2008

It has been reported that European equities markets saw increases on Tuesday after Democrats and Republicans stated that the US Congress will approve a bailout plan 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) gain 21 percent and Anglo Irish Bank (ISEQ: ANGL; LSE: ANGL; FWB: CKL) boosting 67 percent to more than make back its fall on Monday after the Irish government backed six lenders there.

In London, the FTSE 100 gained 1.74 percent to 4,902.45 while the FTSE 250 was 1.22 percent higher to 7,888.1.

The FTSE Eurofirst 300 increased 1.59 percent to 1,063.65 while the IBEX gained 0.38 percent to 10,987.5, the Dax was up 0.41 percent to 5,831.02 and the CAC-40 added 1.99 percent to 4,032.1.

Equities markets in the Asia-Pacific region were mixed Tuesday in response to Monday's denial by the US House of Representatives to approve a proposed bailout plan, hurting investor's confidence before the later promises to come back to work to follow a strategy to rescue the US monetary sector and as South Korea, Indonesia, and Taiwan said they would enact further proposals to stop or limit the short-selling of stock.

In Tokyo, the Nikkei 225 dropped 4.12 percent to 11,259.86 while the Topix index was 3.59 percent lower to 1,087.41 and the Mothers market declined 2.42 percent to 402.71.

Other decliners included the Straits Times Index, which decreased 0.1 percent to 2,358.91, while the Kospi dropped 0.57 percent to 1,448.06, the Taiex was down 3.55 percent to 5,719.28 and in Australia the S&P/ASX200 and the Sydney Ordinaries each decreased 4.3 percent, to 4,600.5 and 4,631.3 respectively.

The Hang Seng gained 0.76 percent to 18,016.21 and the Sensex was up 2.1 percent to 12,860.43 while the Shanghai Composite was closed for a holiday.

Bargain hunters raised Wall Street a day after the Dow Jones Industrial Average dropped more than 777 points for its largest one-day point fall in history.

At nearly 2 p.m. in New York, the Dow was up 3.3 percent to 10,707.69 while the Nasdaq Composite was 3.8 percent higher to 2,059.04 and the S&P 500 had gained 4.16 percent to 1,152.4.

The price of crude oil was higher in London and New York whereas precious metals prices fall down and grains value was mixed. However, the euro declined on another bank bailout in the region.

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