The European Central Bank is injecting almost 48 billion euros into Europe’s banking systems to calm markets today – after forking out more than 150 billion euros at the end of last week. Other central banks have been taking similar action and it appears to be working. Europe’s main markets started trading this morning on a positive note after major loses reached new heights on Thursday and Friday as the US mortgage crisis spread.
London, Frankfurt and Paris all showed slight gains although there were signs the market is still far from stable. Most major Asian markets posted a relatively good day’s trading. Tokyo’s Nikkei, Hong Kong’s Hang Seng and Sydney’s All Ordinaries managed to close up.