European share prices, especially for commercial banks, have surged after central banks injected more funds into the world's imperiled financial system and the US Treasury laid out 50 billion dollars to guarantee mutual funds.
That's an insurance system first used in 1934 during the Great Depression. US President George W. Bush is to make a statement shortly. US treasury and reserve bank officials say they're working on a debt clearance plan to assist financial institutions caught in the credit crunch that began 14 months ago. Sizeable rebounds on share markets include 5.3 percent for the DAX in Frankfurt, which by mid-afternoon was trading at 6175; 8.5 percent on London's FTSE, and 7.6 percent in Paris. Major Composer Mauricio Kagel Dies at 76 in Germany ...
Afghan civilians killed in incident with German soldiers ... German bank shares made gains of more than 20 percent. Overnight, the Bank of Japan led the way by injecting 28 billion dollars after other central banks in the eurozone, Britain and the US lended billions.
(Deutsche Welle)
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