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Market Update

European Shares Edge Up on G-20 Pledge

Sep 23, 2011

Stocks in Europe bounced back early Friday, taking back some losses from the past few days, as ministers and officials of the Group of 20 nation promised a "coordinated international response to the renewed challenges facing the global economy".

At the time of writing, Britain's FTSE was trading 1.2% higher, France's CAC climbed 1.5% while Germany's DAX advanced 1.2%.

G-20 officials meeting in Washtington said late Thursday they would take necessary actions to preserve the stability of banking systems and financial markets.

Bank shares were among the major gainers with Barclays, BNP Paribas, Credit Agricole and Societe Generale rising between 2.2% and 3.2%.

Shares in UBS fell 5% ahead of a board meeting that will discuss the future of its investment-banking business in the wake of a recent $2.3 billion loss arising from a rogue-trading incident.

Shares in MAN Se were up 2.7% following a broker upgrade.

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