After stock markets around the world suffered their worst ever weekly losses last week, leaders from Group of Seven rich nations set out a plan of action to stem the crisis and European leaders agreed to inject public funds into the banking system if necessary. Finance ministers and central bankers from the United States, Canada, Japan, Britain, Germany, France and Italy issued a one-page communiqué at the end of their discussions on Friday describing only their decisions on joint action to overcome the financial market crisis.

The flurry of initiatives to stem the worst financial crisis since the 1930s increased investor appetite for risk, though analysts were uncertain whether the improving mood would last very long. But trading activity was subdued due to a national holiday in Japan, Canada and with US bond markets closed for the Columbus Day holiday. ...More...


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