Expatica news

European shares soar after Wall Street rally

14 October 2008

FRANKFURT — European shares charged out of the gates Tuesday after US and Asian stocks rocketed up on renewed hopes that global coordinated action will help to shore up investor and economic confidence.

Within a few minutes of opening, Europe’s blue-chip Stoxx 50 had climbed 3.1 percent to 2,393 points.

The jump in European stocks came in the wake of New York’s Dow Jones Industrial Average chalking up its biggest one-day points gain in history Monday, rising 936.42 points, or 11.08 percent, to close at 9,387.61.

This also helped to power solid gains for bourses across the Asian-Pacific region with shares in Tokyo closing up 13 percent and by more than 4.0 percent in Hong Kong.

Stocks in Sydney gained 3.7 percent, underpinned by an Australian government economic stimulus package.

[dpa / Expatica]