London markets surged forward this morning as better-than-expected results from RBS raised hopes the banking sector may be over the worst of the credit crisis.
The main FTSE 100 index climbed 46.3 points (1.05%) to 4,444.98, with banks and resources firms leading the way.
RBS added 8.17% after revealing it made a £44m loss in the first quarter of 2009. The result was considerably better than its record £24bn loss in 2008. Rival Lloyds climbed 5.26% to 102.1p.
Mining company share prices were bolstered by rising metal prices with Rangold Resources leading the way with a 4.3% gain. Elsewhere, Xstrata added 4.23% and Lonmin advanced 4.13%.
The Dow Jones fell yesterday after a number of banks failed a stress test, losing 102.43 points (1.2%) to 8,409.85.
Bank shares varied wildly after ten banks failed a crucial stress test, suggesting around $75bn of extra capital would be needed.
Bank of America shares climbed, up 6.46% to $13.51, but JPMorgan Chase saw 5.32% wiped from its value, while Citigroup shares dipped 1.3%.
Pharmaceutical firms continued to perform well as public fear of swine flu increased, with Pfizer up 1.8% to $14.16, while rival Johnson and Johnson climbed 1.25% to $54.89.
In Tokyo, the main Nikkei 225 index added 47.13 points (0.5%) to 9,432.83, with banks making major gains despite problems in the US.IFAonline
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till