Global stocks climb on Citi relief
Originally posted on Reuters
Asian stocks rebounded and gold fell on Monday after a report said the U.S. government could end up owning as much as 40 percent of Citigroup as its seeks to stabilize ailing banks, prompting some investors to dip back into riskier assets.
U.S. equity futures rose 1.2 percent and financial bookmakers said major European stocks were expected to open up to 1.3 percent higher after the Wall Street Journal said Citi (C.N) was in talks that could wind up saddling the government with a big stake in the financial group.
Even after the company’s stock price plunged 44 percent last week, it remained unclear if the government would provide fresh cash to the bank.
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