G20 agrees on IMF boost, tax-haven crackdown: Brown

Date: Thu, 02 Apr 2009 12:01:37 -0400

G20 agrees on IMF boost, tax-haven crackdown: Brown

Leaders of the Group of 20 nations agreed to provide a total of $1
trillion in resources to the International Monetary Fund and other
international institutions in an effort to confront a deep global
economic downturn, British Prime Minister Gordon Brown said Thursday.

FASB APPROVES MORE MARK-TO-MARKET FLEXIBILITY

Responding to pressure applied by lawmakers on Capitol Hill, the
Financial Accounting Standards Board on Thursday vote to give auditors
more flexibility in valuing illiquid mortgage assets that may have
long-term value.

US STOCKS GAIN; DJIA RISES ABOVE 8000

U.S. stocks raced higher Thursday, fueled by a reprieve from
accounting rules that force banks to value soured credit bets based on
the most recent trades. At around 11:30 a.m. EDT, the Dow Jones
Industrial Average was higher by more than 274 points, or 3.5%,
climbing over the 8000 mark for the first time since
Feb. 10. The S&P 500-stock index climbed 3.7%, and the Nasdaq
Composite Index jumped 4.2%. Bank stocks rallied as the Financial
Accounting Standards Board voted to relax fair-value accounting rules,
giving auditors more flexibility in valuing illiquid assets. Citigroup
shares rose 6.3%, Bank of America gained 7%, and J.P.

FUTURES MOVERS: OIL FUTURES SOAR NEARLY 8% ON G20 STEPS, ECB RATE CUT

Oil futures rally nearly 8% after the Group of 20 agrees to provide a
total of $1 trillion to the International Monetary Fund and other
institutions in a move to drag the global economy out of the severe
recession, sparking hopes of a swift recovery in energy demand.
CURRENCIES: EURO SOARS AFTER ECB CUTS RATES BY LESS THAN EXPECTED

The euro soars against the U.S. dollar Thursday after the European
Central Bank cuts its benchmark interest rate by only 25 basis points,
surprising markets. which had expected a bigger reduction.