Economics / Markets

European stock markets have soared upon opening this morning, on a day likely to see one of the largest bankruptcy filings in US history, as General Motors seeks Chapter 11 protection.

The Dow Jones is climbing cautiously higher, up by 5.58 points (0.07%) to 8409.38, as figures show US consumer confidence rose this month to its highest point since September.

The FTSE 100 is off to a strong start this morning, rocketing 44.90 points (1.02%) to 4432.44, following last night's triple-figure point gain on Wall Street.

Financial services firms helped the FTSE 100 Index make early gains on last nights 4,412 close.

The Dow Jones has started strongly in New York this morning, adding 163.04 points, or 1.97%, to 8,440.36 in early trading.

Financials stocks have dragged the FTSE 100 into the red this morning, down 48.53 points, or 1.11%, to 4,316.76.

After initial gains on Wall Street, shares began to fall as investors continue to worry about government debt. The Dow Jones fell 32.33 points (0.39%) to 8,259.8.

London trading has been turbulent this morning, with the FTSE 100 index moving wildly as it makes its way into positive territory, up 7.52 points (0.17%) to 4,352.99 at 8.30am.

On Wall Street, trading got off to a poor start after the Federal Reserve lowered its expectations for US GDP this year.

The FTSE 100 has fallen almost 2% in early trading this morning, as an IMF warning the UK Government may need to pump more capital into Britain's banks drove the blue-chip index down 85.50 points to 4,382.91.