Global stocks and oil surged on Thursday on optimism over efforts by world leaders meeting in London to revive global growth and on a change in U.S. accounting rules that will help ailing banks whose troubles triggered the worst economic crisis in decades.
Oil prices rocketed up more than 8.0 percent above $52 a barrel on hopes that demand will rebound after world leaders at the G20 summit agreed to pump an additional $1.1 trillion into the global economy through extra funding for groups like the International Monetary Fund. For details see [ID:nL1230573].
The upbeat tone at the G20 summit boosted the risk appetite for many asset classes by raising hopes among investors that a coordinated effort would reverse the shrinking of the global economy for the first time since World War Two. read more
