1. Various shots inside trading room at Richelieu Finance (a French fund management and financial services group)
2. Nathalie Pelras, Head of Equity Management, Richelieu Finance, on the phone
3. Close of Pelras' eyes
4. SOUNDBITE: (French) Nathalie Pelras, Head of Equity Management, Richelieu Finance:
"Today the French market is up more then 6 per cent, mainly thanks to the banks and insurance stocks. What explains this strong rise is what was announced yesterday in the United States: a plan of more then one thousand billion dollars to help the financial companies. And that is what is boosting the market. So technically we have a recovery. You have to remember that it decreased a lot recently and we still aren't back to the shares prices we had two weeks ago. So we will need more then these measures in order to make this boost last."
5. Traders at desks, working
6. Close of graphs on computer screen showing the evolution of the CAC-40
Moscow, Russia - 19 September, 2008
7. Interior of Moscow Interbank Currency Exchange (MICEX)
"In the first half hour, the growth of the index, the technical index, which measures all of the stocks traded on MICEX stock exchange, increased by 15 percent which led to an automatic suspension of trading until an order by the federal securities market regulator, which we are expecting to receive, hopefully."
"We think that the most deep phase of the crisis has already passed. We think that trust in the financial system is rebuilding again and we can see that judged by today's growth in the market."
13. Rybnikov on the phone
Washington DC, US - 18 September, 2008
14. Wide of meeting with congressional leaders seated to left of screen and US President George W Bush's administration officials to right
15. Push in to Christopher Cox, Chairman of US Securities and Exchange Commission, and US Federal Reserve Chairman Ben Bernanke seated across table from US House Speaker Nancy Pelosi
16. Pan to Pelosi, seated in between Senate Majority leader Harry Reid (to her right) and House Minority Leader John Boehner (to her left)
17. UPSOUND (English) Nancy Pelosi, Speaker of the House:
"Good evening. I'm very pleased to welcome the Democratic and Republican leadership of the House and Senate, as well as the representatives of the administration led by Secretary Paulson and independent agencies, Mr. Chris Cox and Chairman Bernanke. Thank you all for joining us as we come together understanding that we have a financial crisis in our country, that we're here to work together for solutions that resolve that crisis in a way that insulates the tax payers, consumers, main street, from the crisis on Wall Street. Thank you all very much. Good night."
Washington DC, US - 18 September, 2008
18. SOUNDBITE: (English) Nancy Pelosi, US Speaker of the House:
"Good evening. We just had what I believe was a very productive meeting where we heard from the administration and from the chairman of the Fed, an initiative to help resolve the financial crisis in our country. Our purpose is to do that and in doing so, to insulate Main Street from Wall Street and recognise our responsibility to the tax payer, to the consumer, and to people all across our country."
19. SOUNDBITE: (English) Henry Paulson, US Treasury Secretary:
"What we are working on now is an approach to deal with the systemic risk and the stresses in our capital markets and we've talked about a comprehensive approach that will require legislation to deal with illiquid assets on financial institutions of the United States on their balance sheet."
20. SOUNDBITE: (English) Ben Bernanke, Chairman of US Federal Reserve Bank:
"I thank the Congressional leadership for a very, very positive meeting. We look forward to working closely with Congress to resolve this financial crisis and get our economy moving again. Thank you very much."
Global stock markets soared on Friday after a punishing week, as news of a possible US government plan to rescue banks from toxic mortgage debt brought hope of a letup in the world's worst financial crisis in decades.
Wrapping up one of the most turbulent weeks in memory, Asian and European markets surged on Friday morning after an overnight rally on Wall Street, where the Dow Jones industrial average advanced 410.03, or 3.86 percent, to 11,019.69, the biggest percent gain since October 2002.
Hong Kong's Hang Seng Index surged a stunning 9.6 percent to 19,327.73, while Japan's Nikkei 225 average rose 3.8 percent to 11,920.86.
As trading opened in Europe, Britain's FTSE 100 jumped 8 percent to 5,268.70 and France's CAC 40 shot up 6.5 percent.
Germany's DAX added 3.9 percent.
Commenting on the sharp rise, Natalie Pelras, Head of Equity Management at Richelieu Finance in Paris, said although technically there was a recovery, more measures would need to be taken for it to last.
"What explains this strong rise is what was announced yesterday in the United States: a plan of more then one thousand billion dollars to help the financial companies. And that is what is boosting the market. So technically we have a recovery. You have to remember that it decreased a lot recently and we still aren't back to the shares prices we had two weeks ago. So we will need more then these measures in order to make this boost last," she said.
Russia's leading stock exchanges have suspended trading for a second time in several hours after stocks rose too sharply.
Earlier on Friday, trading was suspended on both the RTS and MICEX within an hour of opening because they rose too sharply, in line with exchange rules.
They reopened after an hour only to close again.
MICEX, where most share trading takes place, is up 25.4 percent since the start of Friday following a two-day suspension.
The RTS is up 20.2 percent.
Speaking after the MICEX suspended trading for the first time, its director Alexei Rybnikov said a 15 percent rise in the index "led to an automatic suspension of trading until an order by the federal securities market regulator."
Rybnikov added, however, that he thought the worst phase of the crisis "has already passed."
"We think that trust in the financial system is rebuilding again and we can see that judged by today's growth in the market," he added.
Investors were heartened by the news on Thursday night that the US government was seeking the power to rescue banks by buying distressed assets at the heart of the financial system turmoil that's brought down Wall Street giants Lehman Brothers, Merrill Lynch and Bear Stearns, news that sent global markets plunging earlier this week.
Details of the plan were still being worked out, but US Treasury Secretary Henry Paulson emerged from the night-time meeting on Capitol Hill to say he hoped to have a solution "aimed right at the heart of this problem."
Paulson said late on Thursday the plan would need congressional approval.
He and Federal Reserve Chairman Ben Bernanke briefed lawmakers on the options they were considering.
"What we are working on now is an approach to deal with the systemic risk and the stresses in our capital markets and we've talked about a comprehensive approach that will require legislation to deal with illiquid assets on financial institutions of the United States on their balance sheet," Paulson said at a news conference in Washington on Thursday.
Paulson, Bernanke and Securities and Exchange Commission chair Christopher Cox asked lawmakers at the session to pass legislation giving the government power to buy distressed assets.
Stocks rallied more than 400 points late on Thursday after a report that the Bush administration was working on a new plan to alleviate fallout from the housing and credit crises.
Those debacles have badly bruised the economy and pushed unemployment to a five-year high.
Earlier, officials from President George Bush's economic team briefed lawmakers on Capitol Hill, on possible government efforts to ease the worst US financial crisis Wall Street's seen in decades.
President Bush cancelled an out-of-town trip on Thursday to stay in Washington and meet with his top economic advisers.
Bush held a 40-minute meeting with Bernanke, Paulson, and Cox along with White House and Treasury Department aides.
Paulson, Cox and Bernanke briefed congressional leaders in House Speaker Nancy Pelosi's office on Thursday evening.
At the top of the meeting, Pelosi, made clear that any potential action must protect taxpayers who are already on the hook for potentially billions of dollars in bailouts to financial firms taken down by the financial crisis.
"We come together understanding that we have a financial crisis in our country, that we're here to work together for solutions that resolve that crisis in a way that insulates the tax payers, consumers, main street, from the crisis on Wall Street. " she said.
Pelosi wrote to Bush on Thursday saying Congress would meet beyond its planned 26 September adjournment, if necessary, "to consider legislative proposals and conduct necessary investigations" related to the financial crisis.
Stock prices , Financial crisis , Emergency management , Government regulations , Legislature , Banking and credit , Economy , Securities regulation , Government securities , Legislation , Currency markets , Stock indices and averages , Central banking , Leading economic indicators , Business , Financial crisis , Financial markets , Government and politics , Financial services , Industries , Financial industry regulation , Industry regulation , Government business and finance , Government business and finance , Industry regulation , Government debt , Government finance , Stock markets
George W. Bush , Christopher Cox , Ben Bernanke , Nancy Pelosi , Harry Reid , John Boehner , Henry M. Paulson Jr.
United States Congress, United States Senate, Federal Reserve System, U.S. Securities and Exchange Commission, United States government
Moscow , Paris , District of Columbia , United States , Russia , Eastern Europe , Europe , France , Western Europe , North America