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Europe shares rise after US vote Europe shares rise after US vote
(30 minutes later)
European stocks have risen in Thursday trading following the US Senate's decision overnight to back the revised American financial rescue plan.European stocks have risen in Thursday trading following the US Senate's decision overnight to back the revised American financial rescue plan.
The UK's FTSE 100 index was up 66 points, or 1.3%, in lunchtime trading in London, while Germany's Dax had gained 42 points, or 0.7%, to 5,848. Analysts said European investors were hopeful the US House of Representatives will now back the revised scheme.
Analysts said European investors seemed hopeful the US House of Representatives will now back the revised scheme. The UK's FTSE 100 index was up 1.3%, in lunchtime trading in London, while Germany's Dax had gained 0.7%.
The House is now expected to vote on the new proposal on Friday. The share gains also came after France confirmed that it will host a summit on the financial crisis on Saturday.
European talksEuropean talks
The European share gains also came after France confirmed that President Nicolas Sarkozy will host a summit on the global financial crisis on Saturday.
Investors are still concerned about the efficiency of this rescue plan and how it can help the global economy Aric Au, Phillip Securities
UK Prime Minister Gordon Brown is due to attend, together with German Chancellor Angela Merkel, Italian Prime Minister Silvio Berlusconi, and European Central Bank President Jean-Claude Trichet.UK Prime Minister Gordon Brown is due to attend, together with German Chancellor Angela Merkel, Italian Prime Minister Silvio Berlusconi, and European Central Bank President Jean-Claude Trichet.
Confirmation of the meeting came as European leaders denied speculation that they wanted to establish a unified 300bn euro ($418.4bn; £236bn) banking rescue deal along the same lines as the US plan. Investors are still concerned about the efficiency of this rescue plan and how it can help the global economy Aric Au, Phillip Securities
European leaders have denied speculation that they wanted to establish a unified 300bn euro ($418.4bn; £236bn) banking rescue deal along the same lines as the US plan.
The rescue idea was said to be being proposed by France, but Mr Sarkozy insisted that there were no such plans.The rescue idea was said to be being proposed by France, but Mr Sarkozy insisted that there were no such plans.
"I deny both the amount and the principle [of such a plan]," he said."I deny both the amount and the principle [of such a plan]," he said.
'Essential''Essential'
Since the first US $700bn (£380bn) plan was rejected, the White House has made a number of changes to help win over opponents. Since the first US$700bn (£380bn) plan was rejected, the White House has made a number of changes to help win over opponents.
Senator Harry Reid expects the House of Representatives to approve the bill.Senator Harry Reid expects the House of Representatives to approve the bill.
These include raising the government's guarantee on savings from $100,000 to $250,000, tax breaks to help small businesses, expansion of child tax credit, and help for victims of recent hurricanes.These include raising the government's guarantee on savings from $100,000 to $250,000, tax breaks to help small businesses, expansion of child tax credit, and help for victims of recent hurricanes.
President George W Bush said that the package was "essential to the financial security of every American".President George W Bush said that the package was "essential to the financial security of every American".
However, economists said doubts remained about how effective the package would be.However, economists said doubts remained about how effective the package would be.
"Investors are still concerned about the efficiency of this rescue plan and how it can help the global economy," said Aric Au of Phillip Securities in Hong Kong."Investors are still concerned about the efficiency of this rescue plan and how it can help the global economy," said Aric Au of Phillip Securities in Hong Kong.
McCain and ObamaMcCain and Obama
US presidential hopefuls John McCain and Barack Obama, who both returned from the campaign trail for last night's Senate debate, voted in favour of the rescue plan.US presidential hopefuls John McCain and Barack Obama, who both returned from the campaign trail for last night's Senate debate, voted in favour of the rescue plan.
Senate majority leader Harry Reid, a Democrat, said he was happy with the result and praised both presidential candidates for voting.Senate majority leader Harry Reid, a Democrat, said he was happy with the result and praised both presidential candidates for voting.
"I think it shows that when we work together we can accomplish good things," he said."I think it shows that when we work together we can accomplish good things," he said.
Mitch McConnell, leader of Republican senators, was also in jubilant mood.Mitch McConnell, leader of Republican senators, was also in jubilant mood.
"This was a measure that was much needed, to unfreeze the credit markets and get America's economy working again," he said."This was a measure that was much needed, to unfreeze the credit markets and get America's economy working again," he said.