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Bush to announce new details of bank rescue plan and expansion & Bank bailout relief buoys global stocks & Asia stocks soar after US rally; Nikkei up 14 pct
Bush to announce new details of bank rescue plan
By MARTIN CRUTSINGER, AP Economics Writer
1 minute ago
The Bush administration will spend $250 billion this year to purchase stock in banks and take a number of other bold steps in an effort to combat a global credit crisis that is threatening to push the country into a deep recession, industry and government officials say.
World stocks soar after US rally; Nikkei up 14 pct
By JEREMIAH MARQUEZ, AP Business Writer
1 minute ago
World markets soared for a second day Tuesday, led by a record 14 percent jump in Tokyo, after Wall Street rallied from its worst week ever on optimism that government rescue efforts will heal the crippled global financial system.
Japan's benchmark Nikkei 225 index surged 1,171.14 points, or 14.15 percent, to close at 9,447.57, its biggest single-day gain in history. That's a stunning reversal after the index plunged 24 percent last week. Tokyo financial markets were playing catch-up to recent developments because they were closed Monday for a holiday.
European markets followed Asia higher in early trading, with benchmarks in Britain, Germany and France opening up more than 4 percent.
Hong Kong's key index gained 3.2 percent, while South Korea's market jumped over 6 percent. The Philippine market surged more than 7 percent and Indonesia's market — shut half of last week due to dramatic declines — was up more than 6 percent.
Only China's main market index fell — sliding 2.7 percent.
Late Monday in the U.S., government officials and industry executives said the Bush administration will use $250 billion of the $700 billion bailout program recently passed by Congress to buy into American banks. The government initially will buy stock of nine large banks, but the program is expected to be expanded to many others.
President George W. Bush planned to announce the details later Tuesday.
That followed signals that European governments were putting up nearly $2 trillion to safeguard their own banks.
"The governments are ensuring that no matter what happens they're not going to allow another major institution to fail," said Singapore-based investment analyst Nicole Sze of Bank Julius Baer & Co., which manages about $300 billion in assets.
"What's happened in the last 48 hours is an extremely positive development. ... You're seeing a reversal of the panic selling, and we think a temporary bottom has been found."
Tuesday's advance came after the Dow Jones industrial average gained more than 11 percent — its biggest one-day gain since 1933 — in a huge overnight rally as traders reacted with relief to efforts by the U.S. and Europe to inject capital into banks and get lending flowing again.
U.S. stock futures were up, suggesting Wall Street would climb higher Tuesday. Dow futures advanced 51 points, or 0.5 percent, to 9,540. S&P 500 futures were up 10 points, or 1 percent, to 1,026.
In line with the global intervention, Asia-Pacific governments took more steps to fortify their own financial systems.
As part of the Japanese measures, authorities on Tuesday relaxed regulations on companies buying up their own shares, a change that will help prevent takeovers and allow companies to prevent a nose-dive in their own issues.
Japan also promised to continue to protect people's insurance policies and savings accounts, and said it will consider capital injection into medium-size and small Japanese financial institutions.
Japanese megabank Mitsubishi UFJ Financial Group Inc. added more than 14 percent after completing a $9 billion deal for a 21 percent stake in U.S. investment bank Morgan Stanley.
In Australia, the government announced a plan to inject $7.4 billion to strengthen the country's economy, helping send the S&P/ASX200 index 3.7 percent higher. Hong Kong promised to guarantee all bank deposits until 2010.
Russia's stock markets joined the upward surge Tuesday, prompting regulators to suspend trading on one of the two major exchanges. The MICEX, where most of Russia's trading takes place, climbed 11.2 percent before trading was halted for an hour. The RTS climbed 6.4 percent.
Stocks across Asia have surged this week after going into a tailspin last week amid growing worries that the financial crisis would pull the global economy into recession.
While those concerns still linger, investors were encouraged that governments appeared to be taking steps to tackle one of the core problems — helping to revive bank-to-bank lending, which has almost ground to halt because of fears about repayment due to enormous losses from souring mortgage-linked debt.
Lending rates softened somewhat Tuesday in Asia but remained elevated despite the coordinated global interest rate reductions and massive liquidity boosts of late, a sign that banks were still skittish about making loans to one another.
On Tuesday, the Hong Kong interbank offered rate, known as Hibor, for three-month dollar loans dipped 0.02 to around 4.42 — still nearly double what it was in the days before Wall Street bank Lehman Brothers collapsed last month, analysts said. A similar rate in Singapore slid .13 to 4.66.
"Things are still definitely not back to normal," said Teck-Kin Suan, an economist at United Overseas Bank in Singapore. "Obviously the banks are still reluctant to lend ... it's going to take some time for these measures to take place."
On Monday, the London interbank offered rate, or Libor, for three-month dollar loans fell 0.07 percent to 4.75 percent.
Oil continued to rise, with light sweet crude for November delivery gaining $2.54 to $83.73 a barrel in Asian trade on the New York Mercantile Exchange. The contract added $3.49 to settle at $81.19 overnight.
In currencies, the dollar was at 102.35 yen — up from below 100 yen last week — while the euro was little changed at $1.3644.
___
AP Writer Tomoko A. Hosaka contributed to this report from Tokyo.
President Bush was scheduled to announce the new initiatives early Tuesday after executives of the country's biggest banks were summoned to a remarkable meeting at the Treasury Department on Monday. Treasury Secretary Henry Paulson basically told the bank CEOs that they had to accept the government stock purchases for the good of the U.S. economy.
The administration plans to spend $250 billion of the $700 billion government rescue program passed by Congress on Oct. 3 to make stock purchases this year. The first purchases will be in nine large banks, officials said. The industry and government officials spoke on condition of anonymity because the details were yet to be formally released.
The decision represents a remarkable turnaround for the $700 billion rescue program, already the largest bailout in U.S. history. As the plan sped through Congress, the administration said the money was needed to purchase bad mortgage-related assets that are weighing on the books of financial institutions, never mentioning direct stock purchases.
However, as the financial crisis gained new intensity last week, sending U.S. stocks down by a record amount, the administration decided to shift focus and adopt a bolder program modeled more along the lines of bank rescue efforts being put together in Britain and other European countries.
Major stock markets around the world surged higher Monday as traders began to hear of new actions being taken in Europe, where governments put $2.3 trillion on the line Monday in guarantees and other emergency measures to save banks there.
On Wall Street, the Dow Jones industrial average soared by a one-day record of 936 points. But all the stock gains came after staggering losses in the previous week and economists said more rough days can be expected until there are clearer signs that the credit crisis is lessening.
In The Wall Street Journal on Tuesday, Federal Reserve chairman Ben Bernanke wrote: "Our strategy will continue to evolve and be refined, and we will adapt to new developments and the inevitable setbacks. But we will not stand down until we have achieved our goals of repairing and reforming our financial system, and thereby restoring prosperity to our economy."
While the administration refused to provide details in advance of Bush's appearance, industry and government officials who were briefed on the proposals said the stock purchase was aimed at bolstering depleted capital reserves as a way of getting the institutions to resume more normal lending patterns.
After the purchase of preferred stock in nine large banks, the program is expected to be expanded to many others. Among the initial banks participating will be all of the country's largest institutions, including Citigroup Inc., Wells Fargo & Co., JPMorgan Chase & Co., Bank of America Corp. and Morgan Stanley, said one official, with each institution expected to receive billions of dollars in return for the sale to the government of preferred shares.
The advantage to the taxpayer is that if the rescue plan works, then the shares can be sold for more than the government initially paid, providing a profit on the transaction.
Bush will certify Tuesday that another $100 billion is needed from the $700 billion rescue program. That would leave the final $350 billion to be spent, probably by the next president.
In addition to the stock purchases, the Federal Deposit Insurance Corp. will temporarily provide insurance for loans between banks, charging the banks a premium for doing so, the officials who were briefed on the program's details said.
This FDIC program would take the form of providing insurance for new "senior preferred" debt that one bank would lend to another. This debt would be insured by the FDIC for three years, helping to unlock bank-to-bank lending, which has fallen dramatically because of fears about repayment in the face of billions of dollars of bank losses because of bad loans, primarily in mortgages.
The officials said the FDIC would remove for a period the current $250,000 limit on FDIC insurance on bank deposits for non-interest-bearing accounts. This primarily would benefit businesses who use non-interest-bearing accounts to run their companies. That money now would be insured, removing the need for companies to juggle funds among multiple bank accounts to stay under the $250,000 limit.
Congress, as part of the bailout bill, temporarily boosted the deposit insurance cap from $100,000 to $250,000, an action that will not be affected by the new program.
The $700 billion rescue program will continue to feature the purchase by the government of banks' bad assets, but the administration decided to place greater emphasis on the stock purchase program after doubts were raised about how long it might take to get the asset purchase program up and running.
Democrats in Congress, while supportive of Paulson's desire to expand the program, complained Monday that not enough strings were being attached, such as restricting excessive compensation for Wall Street executives who raked in millions of dollars in bonuses by pursuing risky investment strategies that now have helped push the U.S. financial system to the brink.
The government should purchase only stock in financial firms that agree to cut dividends paid to shareholders, adhere to strict limits on executive compensation and curb their use of exotic investment strategies, Sen. Charles Schumer, D-N.Y., chairman of the Joint Economic Committee, argued.
Worried about the slumping U.S. economy only three weeks from the elections, House Republicans and Democrats on Monday pushed for fresh action to prevent a serious downturn. Democrats scheduled hearings to consider a postelection stimulus package that could cost as much as $150 billion. Republicans called for more tax cuts and energy exploration.
In a campaign speech in Ohio, Democratic presidential nominee Barack Obama proposed a 90-day moratorium on home foreclosures at some banks and a two-year tax break for businesses that create new jobs. His Republican opponent, John McCain, promised a change in direction from the Bush administration's economic policies.
The administration on Monday announced a series of steps to get the rescue program under way, including selecting a team of interim managers, picking an outside firm to help run the program and choosing a prominent New York law firm to draw up guidelines for how the stock purchase program will work.
___
Associated Press writers Devlin Barrett and Julie Hirschfeld Davis contributed to this report.
Bank bailout relief buoys global stocks
By Jeremy Gaunt, European Investment Correspondent
1 hour, 9 minutes ago
Global investors piled into equities for the second day in a row on Tuesday, dumping relatively safer assets as they took comfort from concerted efforts by governments to shore up the financial system. Much of the trading was unwinding panic moves from last week when fears about the worst financial crisis in nearly 80 years swept across the world.
European shares were following Asia sharply higher, rising around 4 percent. Japan's Nikkei, which was not traded on Monday because of a holiday, gained more than 14 percent.
MSCI's main world stock index was up more than 3 percent, gaining more than 12 percent for the week to date after plunging 20 percent last week.
Its emerging market stock counterpart (.MSCIEF was up 5.2 percent, adding to Monday's 7.4 percent gain.
Investments seen recently as relatively safe compared with stocks -- the Japanese yen and government bonds -- fell.
"There's relief that banks probably won't go bankrupt thanks to the capital injection plans," said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments in Japan.
The United States will announce plans later in the day to inject $250 billion into its banks, following similar moves by Britain, France, Germany and others on Monday.
Japan also joined the global push, saying it could inject public funds into regional banks to make sure small firms can get cash.
The pan-European FTSEurofirst 300 index was up 4 percent points after its strongest one-day percentage rise on record -- 10.1 percent -- on Monday.
"Market players are hoping that the crisis has reached a turnaround point thanks to the extensive aid programs," German bank Helaba said in a note.
Banks were the top weighted gainers.
Earlier, Japan's benchmark Nikkei surged 14.2 percent or 1,171.14 points to 9,447.57. The broader Topix gained 13.7 percent to 956.30.
Some analysts warned, however, that once the relief about the financial system had played through, the declining state of the world economy remained.
"We will inevitably enter a phase of thinking about how the steps will actually impact the global economy," said Daiwa SB Investments' Ogawa.
UNWINDING
The yen fell against both the euro and dollar.
"The yen had been bought due to risk aversion, but such moves are likely to subside for now," said Hiroshi Yoshida, a currency trader at Shinkin Central Bank.
The euro rose 0.8 percent against the yen compared to late U.S. trading on Monday, and stood at 139.72 yen, having rebounded off a three-year low of 132.15 yen hit on trading platform EBS on Friday.
The dollar was up 0.3 percent at 102.29 yen.
On government bond markets, euro zone debt prices fell as investors old.
Two-year Schatz yields climbed 6 basis points to 3.236 percent, while 10-year Bund yielded 4.092 percent, up about 1 basis points.
By MARTIN CRUTSINGER, AP Economics Writer
1 minute ago
The Bush administration will spend $250 billion this year to purchase stock in banks and take a number of other bold steps in an effort to combat a global credit crisis that is threatening to push the country into a deep recession, industry and government officials say.
World stocks soar after US rally; Nikkei up 14 pct
By JEREMIAH MARQUEZ, AP Business Writer
1 minute ago
World markets soared for a second day Tuesday, led by a record 14 percent jump in Tokyo, after Wall Street rallied from its worst week ever on optimism that government rescue efforts will heal the crippled global financial system.
Japan's benchmark Nikkei 225 index surged 1,171.14 points, or 14.15 percent, to close at 9,447.57, its biggest single-day gain in history. That's a stunning reversal after the index plunged 24 percent last week. Tokyo financial markets were playing catch-up to recent developments because they were closed Monday for a holiday.
European markets followed Asia higher in early trading, with benchmarks in Britain, Germany and France opening up more than 4 percent.
Hong Kong's key index gained 3.2 percent, while South Korea's market jumped over 6 percent. The Philippine market surged more than 7 percent and Indonesia's market — shut half of last week due to dramatic declines — was up more than 6 percent.
Only China's main market index fell — sliding 2.7 percent.
Late Monday in the U.S., government officials and industry executives said the Bush administration will use $250 billion of the $700 billion bailout program recently passed by Congress to buy into American banks. The government initially will buy stock of nine large banks, but the program is expected to be expanded to many others.
President George W. Bush planned to announce the details later Tuesday.
That followed signals that European governments were putting up nearly $2 trillion to safeguard their own banks.
"The governments are ensuring that no matter what happens they're not going to allow another major institution to fail," said Singapore-based investment analyst Nicole Sze of Bank Julius Baer & Co., which manages about $300 billion in assets.
"What's happened in the last 48 hours is an extremely positive development. ... You're seeing a reversal of the panic selling, and we think a temporary bottom has been found."
Tuesday's advance came after the Dow Jones industrial average gained more than 11 percent — its biggest one-day gain since 1933 — in a huge overnight rally as traders reacted with relief to efforts by the U.S. and Europe to inject capital into banks and get lending flowing again.
U.S. stock futures were up, suggesting Wall Street would climb higher Tuesday. Dow futures advanced 51 points, or 0.5 percent, to 9,540. S&P 500 futures were up 10 points, or 1 percent, to 1,026.
In line with the global intervention, Asia-Pacific governments took more steps to fortify their own financial systems.
As part of the Japanese measures, authorities on Tuesday relaxed regulations on companies buying up their own shares, a change that will help prevent takeovers and allow companies to prevent a nose-dive in their own issues.
Japan also promised to continue to protect people's insurance policies and savings accounts, and said it will consider capital injection into medium-size and small Japanese financial institutions.
Japanese megabank Mitsubishi UFJ Financial Group Inc. added more than 14 percent after completing a $9 billion deal for a 21 percent stake in U.S. investment bank Morgan Stanley.
In Australia, the government announced a plan to inject $7.4 billion to strengthen the country's economy, helping send the S&P/ASX200 index 3.7 percent higher. Hong Kong promised to guarantee all bank deposits until 2010.
Russia's stock markets joined the upward surge Tuesday, prompting regulators to suspend trading on one of the two major exchanges. The MICEX, where most of Russia's trading takes place, climbed 11.2 percent before trading was halted for an hour. The RTS climbed 6.4 percent.
Stocks across Asia have surged this week after going into a tailspin last week amid growing worries that the financial crisis would pull the global economy into recession.
While those concerns still linger, investors were encouraged that governments appeared to be taking steps to tackle one of the core problems — helping to revive bank-to-bank lending, which has almost ground to halt because of fears about repayment due to enormous losses from souring mortgage-linked debt.
Lending rates softened somewhat Tuesday in Asia but remained elevated despite the coordinated global interest rate reductions and massive liquidity boosts of late, a sign that banks were still skittish about making loans to one another.
On Tuesday, the Hong Kong interbank offered rate, known as Hibor, for three-month dollar loans dipped 0.02 to around 4.42 — still nearly double what it was in the days before Wall Street bank Lehman Brothers collapsed last month, analysts said. A similar rate in Singapore slid .13 to 4.66.
"Things are still definitely not back to normal," said Teck-Kin Suan, an economist at United Overseas Bank in Singapore. "Obviously the banks are still reluctant to lend ... it's going to take some time for these measures to take place."
On Monday, the London interbank offered rate, or Libor, for three-month dollar loans fell 0.07 percent to 4.75 percent.
Oil continued to rise, with light sweet crude for November delivery gaining $2.54 to $83.73 a barrel in Asian trade on the New York Mercantile Exchange. The contract added $3.49 to settle at $81.19 overnight.
In currencies, the dollar was at 102.35 yen — up from below 100 yen last week — while the euro was little changed at $1.3644.
___
AP Writer Tomoko A. Hosaka contributed to this report from Tokyo.
President Bush was scheduled to announce the new initiatives early Tuesday after executives of the country's biggest banks were summoned to a remarkable meeting at the Treasury Department on Monday. Treasury Secretary Henry Paulson basically told the bank CEOs that they had to accept the government stock purchases for the good of the U.S. economy.
The administration plans to spend $250 billion of the $700 billion government rescue program passed by Congress on Oct. 3 to make stock purchases this year. The first purchases will be in nine large banks, officials said. The industry and government officials spoke on condition of anonymity because the details were yet to be formally released.
The decision represents a remarkable turnaround for the $700 billion rescue program, already the largest bailout in U.S. history. As the plan sped through Congress, the administration said the money was needed to purchase bad mortgage-related assets that are weighing on the books of financial institutions, never mentioning direct stock purchases.
However, as the financial crisis gained new intensity last week, sending U.S. stocks down by a record amount, the administration decided to shift focus and adopt a bolder program modeled more along the lines of bank rescue efforts being put together in Britain and other European countries.
Major stock markets around the world surged higher Monday as traders began to hear of new actions being taken in Europe, where governments put $2.3 trillion on the line Monday in guarantees and other emergency measures to save banks there.
On Wall Street, the Dow Jones industrial average soared by a one-day record of 936 points. But all the stock gains came after staggering losses in the previous week and economists said more rough days can be expected until there are clearer signs that the credit crisis is lessening.
In The Wall Street Journal on Tuesday, Federal Reserve chairman Ben Bernanke wrote: "Our strategy will continue to evolve and be refined, and we will adapt to new developments and the inevitable setbacks. But we will not stand down until we have achieved our goals of repairing and reforming our financial system, and thereby restoring prosperity to our economy."
While the administration refused to provide details in advance of Bush's appearance, industry and government officials who were briefed on the proposals said the stock purchase was aimed at bolstering depleted capital reserves as a way of getting the institutions to resume more normal lending patterns.
After the purchase of preferred stock in nine large banks, the program is expected to be expanded to many others. Among the initial banks participating will be all of the country's largest institutions, including Citigroup Inc., Wells Fargo & Co., JPMorgan Chase & Co., Bank of America Corp. and Morgan Stanley, said one official, with each institution expected to receive billions of dollars in return for the sale to the government of preferred shares.
The advantage to the taxpayer is that if the rescue plan works, then the shares can be sold for more than the government initially paid, providing a profit on the transaction.
Bush will certify Tuesday that another $100 billion is needed from the $700 billion rescue program. That would leave the final $350 billion to be spent, probably by the next president.
In addition to the stock purchases, the Federal Deposit Insurance Corp. will temporarily provide insurance for loans between banks, charging the banks a premium for doing so, the officials who were briefed on the program's details said.
This FDIC program would take the form of providing insurance for new "senior preferred" debt that one bank would lend to another. This debt would be insured by the FDIC for three years, helping to unlock bank-to-bank lending, which has fallen dramatically because of fears about repayment in the face of billions of dollars of bank losses because of bad loans, primarily in mortgages.
The officials said the FDIC would remove for a period the current $250,000 limit on FDIC insurance on bank deposits for non-interest-bearing accounts. This primarily would benefit businesses who use non-interest-bearing accounts to run their companies. That money now would be insured, removing the need for companies to juggle funds among multiple bank accounts to stay under the $250,000 limit.
Congress, as part of the bailout bill, temporarily boosted the deposit insurance cap from $100,000 to $250,000, an action that will not be affected by the new program.
The $700 billion rescue program will continue to feature the purchase by the government of banks' bad assets, but the administration decided to place greater emphasis on the stock purchase program after doubts were raised about how long it might take to get the asset purchase program up and running.
Democrats in Congress, while supportive of Paulson's desire to expand the program, complained Monday that not enough strings were being attached, such as restricting excessive compensation for Wall Street executives who raked in millions of dollars in bonuses by pursuing risky investment strategies that now have helped push the U.S. financial system to the brink.
The government should purchase only stock in financial firms that agree to cut dividends paid to shareholders, adhere to strict limits on executive compensation and curb their use of exotic investment strategies, Sen. Charles Schumer, D-N.Y., chairman of the Joint Economic Committee, argued.
Worried about the slumping U.S. economy only three weeks from the elections, House Republicans and Democrats on Monday pushed for fresh action to prevent a serious downturn. Democrats scheduled hearings to consider a postelection stimulus package that could cost as much as $150 billion. Republicans called for more tax cuts and energy exploration.
In a campaign speech in Ohio, Democratic presidential nominee Barack Obama proposed a 90-day moratorium on home foreclosures at some banks and a two-year tax break for businesses that create new jobs. His Republican opponent, John McCain, promised a change in direction from the Bush administration's economic policies.
The administration on Monday announced a series of steps to get the rescue program under way, including selecting a team of interim managers, picking an outside firm to help run the program and choosing a prominent New York law firm to draw up guidelines for how the stock purchase program will work.
___
Associated Press writers Devlin Barrett and Julie Hirschfeld Davis contributed to this report.
Bank bailout relief buoys global stocks
By Jeremy Gaunt, European Investment Correspondent
1 hour, 9 minutes ago
Global investors piled into equities for the second day in a row on Tuesday, dumping relatively safer assets as they took comfort from concerted efforts by governments to shore up the financial system. Much of the trading was unwinding panic moves from last week when fears about the worst financial crisis in nearly 80 years swept across the world.
European shares were following Asia sharply higher, rising around 4 percent. Japan's Nikkei, which was not traded on Monday because of a holiday, gained more than 14 percent.
MSCI's main world stock index was up more than 3 percent, gaining more than 12 percent for the week to date after plunging 20 percent last week.
Its emerging market stock counterpart (.MSCIEF was up 5.2 percent, adding to Monday's 7.4 percent gain.
Investments seen recently as relatively safe compared with stocks -- the Japanese yen and government bonds -- fell.
"There's relief that banks probably won't go bankrupt thanks to the capital injection plans," said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments in Japan.
The United States will announce plans later in the day to inject $250 billion into its banks, following similar moves by Britain, France, Germany and others on Monday.
Japan also joined the global push, saying it could inject public funds into regional banks to make sure small firms can get cash.
The pan-European FTSEurofirst 300 index was up 4 percent points after its strongest one-day percentage rise on record -- 10.1 percent -- on Monday.
"Market players are hoping that the crisis has reached a turnaround point thanks to the extensive aid programs," German bank Helaba said in a note.
Banks were the top weighted gainers.
Earlier, Japan's benchmark Nikkei surged 14.2 percent or 1,171.14 points to 9,447.57. The broader Topix gained 13.7 percent to 956.30.
Some analysts warned, however, that once the relief about the financial system had played through, the declining state of the world economy remained.
"We will inevitably enter a phase of thinking about how the steps will actually impact the global economy," said Daiwa SB Investments' Ogawa.
UNWINDING
The yen fell against both the euro and dollar.
"The yen had been bought due to risk aversion, but such moves are likely to subside for now," said Hiroshi Yoshida, a currency trader at Shinkin Central Bank.
The euro rose 0.8 percent against the yen compared to late U.S. trading on Monday, and stood at 139.72 yen, having rebounded off a three-year low of 132.15 yen hit on trading platform EBS on Friday.
The dollar was up 0.3 percent at 102.29 yen.
On government bond markets, euro zone debt prices fell as investors old.
Two-year Schatz yields climbed 6 basis points to 3.236 percent, while 10-year Bund yielded 4.092 percent, up about 1 basis points.
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