THE TELEGRAPH: The FTSE 100 jumped more than 100 points at the open this morning, following an earlier rally across Asia, on hopes that the nationalisation of America's two biggest mortgage lenders may help revive the troubled US housing market.
In an unprecedented move, the US Treasury yesterday took control of Freddie Mac and Fannie Mae in the largest financial bail out on record in a move designed to restore confidence in the $12 trillion (£5.8 trillion) US mortgage market.
The action, which comes at an unknown cost to the American taxpayer, prompted a bout of risk taking from investors across the globe.
Alongside the rally in the FTSE 100 and in stock markets in Germany, France, and Italy, prices for government bonds were hit and the dollar tumbled. FTSE 100 Jumps after America Bails Out Fannie Mae and Freddie Mac >>> By James Quinn, Wall Street Correspondent | September 8, 2008
THE TELEGRAPH:
Freddie Mac and Fannie Mae Rescue Sends Dollar Tumbling >>> By Jamie Dunkley | September 8, 2008
THE INDEPENDENT:
US Bail-Out Sends UK Shares Leaping >>> By Russell Lynch, PA | September 8, 2008
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