European markets on the upswing
The European stock exchanges made a remarkable recovery on Monday, the first day of trading following the downgrade of the United States' credit rating by Standard & Poor. Led by the banking sector, early losses were soon turned to profits.
The Amsterdam AEX index was up 0.4 percent up after three quarters of an hour following an initial drop of 2 percent. London, Frankfurt and Paris were all up 1.1 percent. Madrid was up 3.5 percent and Milan jumped 4.0 percent.
The European Central Bank started buying Spanish and Italian state bonds on Monday as announced, while the G7 group of top industrialised nations said its members would jointly support the global currency markets as and when necessary.
The euro was valued at 1.4359 US dollars - up from 1.4155 at the end of Friday trading in Europe.
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