14 Oct 2008
NEW YORK (CNNMoney.com) -- Stocks in overseas markets were trading higher - though down from earlier highs - the first market signal following the most coordinated effort to date to address the global financial crisis. Hong Kong's Hang Seng stock index was struggling to stay in positive territory after initially being up more than 2%. South Korea's Kospi index was up a little more than 1%. Stocks in Australia were nearly 3% higher - though their initial gains topped 6%.Futures for U.S. stocks were pointing to a positive open. U.S. bond markets will be closed Monday for the Columbus Day holiday but stock markets will be open. Markets in Japan are closed Monday. In an emergency meeting in Paris on Sunday, the leaders of 15 European nations agreed to a wide-ranging plan to shore up troubled banks by adding capital through investment and by guaranteeing inter-bank lending. The 15 nations also said they would protect individual depositors' accounts and move to ease accounting regulations that determine how assets are valued, removing a requirement that they be based on market prices - so-called "mark-to-market" accounting. Battered British banks, along with the United Kingdom Treasury office, were expected to unveil details of a massive capital raising plan early Monday.
Global stocks: A good start 
Global stocks: A good start
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