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Obama Plan Boosts UK Banks

Wed, 25 Mar 2009

Britain's leading banks enjoyed a good morning on the stock market following Barack Obama's announcement that he intends to clear up to $1 trillion of toxic assets . The US plan will have wide ranging consequences, and has already boosted markets across the globe. The plan will see private investors receive low interest federal loans to buy the bad debts .

The Dow Jones average was up by 6.8 per cent at 7,775.86, whilst the FTSE-100 opened 40 points higher. Tokyo's Nikkei average increased by 3.3 per cent at a two and a half month high, whilst Hong Kong's Hang Seng was up by 1.6 per cent. Markets in Australia, Shanghai and South Korea also benefited. In the UK, the Bank of Scotland was the major benefactor, with its share price up by 2.1 per cent to 27.1p - an 8.4 per cent rise. Meanwhile, Barclays rose by 6.2 per cent to 127.7p and Standard Chartered saw its share price rise by 31p to 958p.

Howard Silverblatt, senior index analyst with Standard and Poor's in New York, said, 'The share rally suggests a faith and belief that there may be a light at the end of the tunnel. It's too early to say for sure, but it looks hopeful.'
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