World Markets Jump On Dubai Bailout News

are up modestly, Asian markets are up, and European stocks — particularly banks — are up nicely on Dubai bailout news.

WSJ: The pan-European Stoxx 600 Index was up 0.8% at 247.1, London’s FTSE 100 gained 1% to 5313.8, Frankfurt’s DAX was 1.1% higher at 5820.3 and Paris’s CAC-40 increased 0.8% to 3835.8.

Abu Dhabi said early Monday it has provided fellow emirate Dubai with $10 billion of financing to pay part of the debt of government-owned conglomerate Dubai World and its struggling property unit Nakheel.

The news sent shares of BNP Paribas and Deutsche bank both up 1.8%. Standard Chartered jumped 4.5% and RBS advanced 3.3%.

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