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Markets bouncing back

 Markets bouncing back
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In Tokyo the Nikkei index rose on opening 1.4 per cent, rebounding after the previous day’s historic dive.

Sydney Stock Exchange gained 3.1% on opening.

On Wall Street stocks leapt as investors snapped-up beaten-down shares the day after Wall Street’s worst day since the 1987 stock market crash, while consumer companies gained as the price of oil fell below 70 dollars a barrel.

The Dow Jones index closed up, 4.6 per cent.

Germany moved a step closer to injecting 480 billion euros into its troubled banks, with its 16 states swinging behind a federal rescue package which is expected to get parliamentary backing later today.

Chancellor Angela Merkel said the two sides had agreed to share the burden of the rescue package, adding she was confident it would win approval in the German houses of parliament.

Russia has pledged more than 150 billion euros to help the construction industry and President Dmitry Medvedev is to give away nearly 200 billion euros in tax exemptions to help bank liquidity and to boost companies looking to refinance their foreign debts.