European stock markets surged this evening, boosted by news of a €750 billion rescue deal agreed by the EU and International Monetary Fund to ease the euro zone debt crisis.
In London, the FTSE jumped 5.2% to close at 5,387, led by bank shares. Barclays soared 16% to 329.5p. In Paris, the CAC soared 9.7% to 3,720, while in Frankfurt the DAX gained 5.3% to 6,018. The Madrid market posted a record 14.4% rise, while the Athens market gained more than 9%.
In Dublin, the ISEQ soared 235 points (7.9%) to end at 3,217. Bank shares made strong gains, with AIB up 23.8% to €1.38. Bank of Ireland and Irish Life & Permanent both closed up more than 18% at €1.68 and €2.72 respectively. Food group Glanbia climbed 8.2% to €3.08 ahead of the result of a key vote by farmer shareholders on a deal to buy its Irish business.
Wall Street markets also rebounded as the massive rescue package eased fears that the euro zone debt crisis would spread. The Dow Jones was 4% higher at 10,800, while the Nasdaq was up 4.4% at 2,366.
Earlier in Asia, Tokyo's Nikkei closed 1.6% higher at 10,531 as it recouped some of last week's losses. The Hang Seng index in Hong Kong closed 2.5% stronger at 20,427.
