World banks rally - Cautious optimism

THOUGH it’s far, far too soon to suggest that the crisis in the world’s markets is slowing, there were two pieces of good news yesterday.

Though they are not significant enough to cause anyone to break out the champagne they represent a degree of reassurance that has been missing for the last few weeks.

Banking shares led a dramatic rally from Asia to Europe after governments took decisive action in a bid to stop further banking collapses.