Global Markets Rally After Rescue Talks

Banks gain big in European trading
By Mary Papenfuss,  Newser User
Posted Oct 13, 2008 2:58 AM CDT
Pedestrians walk past a bank in Sydney today. Australian markets rebounded strongly in response to a government announcement that it would guarantee all bank deposits for three years.    (AP Photo/Rick Rycroft)
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(Newser) – Asian and European markets were up today following announcements by global leaders of wide-ranging economic rescue packages. France's Cac 40 index and London's FTSE 100 index both bounced more than 5%, with banking shares posting some of the biggest gains, the BBC reports. Australia's main index jumped 5.6% and Hong Kong shares were up 3.2%, though Taiwan stocks fell 2.1%. EU leaders vowed yesterday that governments would allow no major bank to fail.