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DateLine Thursday, 2 October 2008

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Hopes for new bailout plan

JAPAN: Global stocks rallied Wednesday on hopes that the US Senate will soon approve a revised 700-billion-dollar Wall Street bailout seen as vital to preventing the collapse of more financial giants.

The expected vote, which comes after the House of Representatives killed the original package, follows pleas from President George W. Bush for quick action before the US economy slumps into a disastrous recession.

In a bid to build Republican backing for the bailout in the House, the Senate bill will include measures that extend tax cuts set to expire and an expansion of federal insurance for bank deposits.

Stocks rose in Asia and Europe following a powerful rally on Wall Street as hopes grew that the package could clear Congress in the coming days.

Tokyo ended up 0.96 percent as Sydney soared 4.2 percent. European markets followed suit, with London rising 1.15 percent at the open as Frankfurt gained 0.43 percent and Paris advanced 0.26 percent.

CMC Markets senior dealer Dominic Vaughan in Sydney described the rebound as a "corrective bounce".

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