Footsie bounces back amid euro bailout deal

LONDON'S FTSE 100 Index surged higher today as a 750bn euro (£650bn) bailout package to prop up the single currency soothed investor fears.
By The Newsroom
Published 10th May 2010, 10:29 BST

The blue-chip index - which shed 2.6% on Friday after its worst week for 18 months - bounced back almost 3% today following gains in Asian markets.

Investors were cheered by the deal, which is backed by the eurozone nations and the International Monetary Fund and includes loan guarantees and direct funding.

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Political uncertainty following the UK's hung Parliament has also eased with talks between the Conservatives and Liberal Democrats progressing.

Financial stocks hit hardest by the turmoil of last week made strong gains. with Barclays and Lloyds Banking Group up 8% and Royal Bank of Scotland rising 6%.

Related topics:LondonInvestorsInternational Monetary FundLiberal DemocratsRoyal Bank of ScotlandLloyds Banking GroupBarclays