26th September 2011
The FTSE 100 has made gains this afternoon (September 26th) after an early morning slump.
Financial shares have led the way in today's recovery, with hopes rising that a financial deal can be put in place by eurozone leaders to bolster the faltering Greek economy, the Guardian reports.
It would now appear banks are back in favour in Europe after France mooted talk of state aid for its financial institutions, while a possible increase in the bailout fund to €3 trillion is now on the cards.
Furthermore, Greece has written off large chunks of its borrowings, helping to bring the country back from the brink of defaulting on its debts.
All this has helped to stabilise global markets, resulting in the FTSE 100 recovering from early losses to rise by 42.07 points at 5,108.88.
Last week, markets proved less resilient across the globe, with the Dow Jones losing 3.51 per cent on Friday after the US published weaker Initial Jobless Claims figures than had been predicted.
Posted by Andrew Johnston
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