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FT.com - UK Homepage
FT.com - UK Homepage

Global markets surge ahead of $250bn US rescue package Japan's Nikkei index closed with its best gains ever as Asia staged a historic rally in response to a ?1,873bn ($2,546bn) pledge by European governments to shore up their financial sectors and as the US prepared to unveil its own $250bn rescue plan on Tuesday. On Wall Street, it was the best day for US stock markets since the rebound following the great crash of 1929 and Europe is called sharply higher Markets surge on £1,465bn European bank bail-out The world's stock markets reacted positively to the gathering campaign to bail out the world's troubled banks, with governments on both sides of the Atlantic announcing measures to restore liquidity and inject fresh capital into their ailing banking systems. It was the best day for US stock markets since the rebound following the great crash of 1929 Scramble to avoid collapse World leaders were scrambling to finalise rescue plans for their banking systems as Asian markets made cautious gains amid continued fears the financial system is on the brink of collapse. In the eurozone, governments have agreed to offer guarantees on bank debt. Britain was preparing to pump billions into four of its largest banks. In the US, officials were finishing up a plan to recapitalise banks Australia and NZ launch bank safeguard plan Australia and New Zealand launched co-ordinated plans to safeguard their banking systems on Sunday, hoping to stem heavy losses suffered by their currencies and markets last week. German plea for pause in costly EU laws Representatives of German business have called for a moratorium on any European Union legislation that would impose higher costs on companies at a time when they are grappling with the fall-out from the financial crisis Fidelity cuts jobs as funds contract Up to 200 UK jobs are to go at Fidelity International as the fund manager renews efforts to reduce costs and contain the damage to profits

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