Banks Surge as Eurozone Debt Worries are Eased

This is MONEY: David Starkey, Senior FX Trader at Western Union Business Solutions, comments for a January 19th update from This is MONEY.

This is MONEY:

Banks surged by as much as 10 per cent today as eurozone debt worries eased and two major US lenders reported strong results.

London's leading shares index hit a five-month high after encouraging bond auctions in France and Spain boosted hopes that cheap credit recently made available by the European Central Bank had helped shore up the financial system.

The FTSE 100 Index rose 38.8 points to 5741.2, with lenders leading the way after being buoyed by improved results from Bank of America and a better than expected performance from Morgan Stanley in the U

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