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G20's $1tn package boosts world markets | Business | guardian.co.uk

World stockmarkets surged today as the G20's $1tn (£700bn) boost to the world economy added to optimism that the worst of the downturn may be over.

The FTSE 100 index jumped 4.3% to stand above 4,000 for the first time since February, while Wall Street's Dow Jones industrial average surged above 8,000, a rise of more than 3%.

The G20 plans, which include a banking clean-up and a $1tn dollar pledge for the International Monetary Fund and World Bank, triggered hopes of a quicker recovery from global economic woes.

Adrian Lowcock, senior investment adviser at Bestinvest, said: "The package is good news. However, the devil is in the detail - we are yet to find out how much is old news being rehashed. The agreement of a global package to deal with toxic debt and a consensus of dealing with the tax havens is good news for most people. Talk is cheap, although sometimes being heard to say the right thing could be just enough to bring back confidence. The markets clearly like what they've heard."

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 03:30:38 PM EST
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