European stock markets ended the day with strong gains as fears about the fall-out from the Dubai debt crisis eased. This came after a report that Dubai World, the the emirate's troubled state-controlled conglomerate, would undertake a $26 billion debt restructuring.
In London, the FTSE ended 2.3% higher at 2,850, with Standard Chartered jumping 5.2% to £15.61. In Paris, the CAC added 2.6% to close at 3,776, while in Frankfurt the Dax gained 2.7% to 5,777.
In Dublin, the ISEQ ended 42 points (1.5%) higher at 2,850, with DCC jumping 6.5% to €19.12 and CRH up 3.3% to €17.33. But Elan dropped 3.6% to €4.23, while Independent News & Media lost more than a third of its value to just over 10.5 cent as the issue of new shares at five cent under its restructuring plan began.
On Wall Street, the Dow Jones was 1.2% higher at 10,464, while the Nasdaq was up 1.5% at 2,176. Earlier, Tokyo's Nikkei surged 227 points (2.4%) to close at 9,572 after overnight gains on Wall Street as investors digested Dubai's latest moves to ease international worries about the troubled city state. The Hang Seng closed up 1.3% at 22,113.
