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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap World stocks, euro soar on major EU bailout AFP - Tuesday, May 11 Send IM Story Print Stock markets and the euro rocketed on Monday after the EU and IMF agreed a rescue package of nearly a trillion dollars for the eurozone, stemming a crisis that threatened to derail global economic recovery. LONDON (AFP) - – Stock markets and the euro rocketed on Monday after the EU and IMF agreed a rescue package of nearly a trillion dollars for the eurozone, stemming a crisis that threatened to derail global economic recovery. Following strong gains for Asian stocks, London's benchmark FTSE 100 index surged 5.0 percent in morning deals, led by banks and miners, as investors also reacted to signs of progress on forming a new British government. They were also awaiting a Bank of England interest rate decision at 1100 GMT. Frankfurt's DAX 30 meanwhile rallied 4.3 percent and the Paris CAC 40 soared 8.3 percent after Europe on Monday announced a rescue package running to 750 billion euros. "There can be no doubt, eurozone policymakers surprised probably even the most optimistic observers by presenting a quick and forceful, unprecedented crisis package," said ING financial markets analyst Carsten Brzeski. He said the deal was "an unprecedented effort to get ahead of markets and to safeguard the stability of the eurozone". The euro rebounded to 1.3019 dollars from 1.2755 dollars late in New York on Friday, while the traditionally safe-haven yen slid against its peers as risk appetite returned to the markets. Markets had last week suffered huge sell-offs amid uncertainty over whether Greece could implement deeply unpopular austerity measures and stave off bankruptcy. Fears that a possible debt default by Greece could hit the world's financial system in the same way the collapse of Lehman Brothers did two years ago had sent shares and the euro plunging last week. Concerns had also mounted that the Greek rescue deal would fail to shield Spain and Portugal from crippling market pressures, sending the euro down at one point to 1.2523 in New York, its lowest since March 2009. However, "given the package, default risks for Spain and Portugal have eased," said Satoru Ogasawara, a foreign exchange strategist at Credit Suisse. But "it is yet to be seen if Greece, Spain or Portugal can reduce fiscal debts. For the euro's (fully-fledged) upturn, the eurozone economy needs to be on a track of sustainable growth." Critical bond market borrowing costs for all three countries eased on Monday. The interest rate Greece would pay to raise new money via a 10-year sovereign bond fell to 6.573 percent from a punishing 12.171 percent on Friday. In stock market trade, Madrid's main index soared 11.9 percent, Athens surged 9.6 percent, Lisbon won 9.2 percent and Milan rallied 9.1 percent. International Monetary Fund (IMF) head Dominique Strauss-Kahn hailed the EU aid package as a "big step forward." "I think we have to wait a little more, but I think all this is rather encouraging," said Strauss-Kahn. Asian markets also hailed the EU deal, with Tokyo stocks closing up 1.60 percent, Hong Kong jumping 2.54 percent and Sydney rising 2.66 percent. "The news provided a shot in the arm for the local (Australian) market with the beaten up materials, financial and energy sectors seeing the biggest percentage gains," said IG Markets analyst Ben Potter. The euro's rise against the dollar boosted the British pound, which recovered from recent 13-month lows against the US currency to stand above 1.5 dollars. On Friday, the pound had tumbled to 1.4476 dollars -- its lowest level since April 2009 -- as the Conservatives failed to clinch a decisive victory against the ruling Labour Party in Britain's general election. "While euro area policymakers took decisive steps over the weekend to tackle the sovereign crisis, the UK remains mired in political uncertainty," said Barclays Capital analyst Adarsh Sinha. However Britain's main opposition parties voiced hope Monday they could soon strike a deal on forming a new government to break a four-day deadlock after last week's general election produced no clear winner. The centre-right Conservatives led by David Cameron and Nick Clegg's centrist Liberal Democrats were locked in talks on a possible surprise alliance which would allow a new government led by Cameron to take power. But they were facing growing pressure from Prime Minister Gordon Brown's Labour, which is still running the country despite dropping to second in the polls, either to announce a deal or admit they have failed. Recommend Send IM Story Print News Search Top Stories Jazz singer Lena Horne dies aged 92 UN fears 'irreversible' damage to natural environment World stocks, euro soar on major EU bailout BP, US govt search for new fix to oil spill EU's trillion dollar package sends markets soaring More Top Stories » Related Full Coverage Financial falloutLatest news on global credit crunch. All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended BP dealt setback in oil containment bid EU agrees bumper eurozone aid deal: diplomat EU in monster eurozone aid deal, euro surges Britain cannot support EU stability fund: Darling Euro up as Europe races to fix monster bailout More Most Viewed » Aliens may exist but contact would hurt: Hawking Lack of sleep linked to early death: study Freddie Mac asks for fresh 10.6 billion dollar bailout French driving veil row escalates Airlines want compensation as Europe's skies reopen More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! 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