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FTSE 100 back over 4000 as global stockmarkets rally on G20 hopes | Business | guardian.co.uk

Global stockmarkets rallied today on hopes that world leaders gathered at the G20 summit in London will overcome most of their divisions on how to tackle the financial crisis.

The first rise in UK house prices since 2007 and improving credit conditions, alongside better-than-expected US car sales, fuelled optimism that the world economy is edging closer to a recovery. The news that the G20 will call for the International Monetary Fund's resources to be trebled to $750bn (£512bn) also bolstered confidence.

"Market participants are becoming more convinced of a global recovery and that is causing risk appetite to increase," said Toru Umemoto of Barclays Capital.

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 03:39:52 PM EST
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