Stock Rally Underway Around The World

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Global markets are rallying following encouraging talk in Jackson Hole and rumours in Greece.The Hang Seng was up 1.4% and the Nikkei closed up 0.6%. Only Shanghai was down as bank stocks declined after the People’s Bank of China said it would change how it measured reserve requirements.

Major European markets are up over 1%, while London is closed. Dow futures point to a 90 point gain at the open.

Encouraging talk from Jackson Hole included a positive outlook from Bernanke and possible suggestion of further action later this month. On Saturday Trichet also said he would use the ECB’s non-standard monetary policy if things worsened.

Greek stocks are up on the rumour of a merger between two big banks.

There were also reports on Sunday that the EU was working on a “radical” plan for the banks.