World stocks surge on G20 hopes

Asian and European stocks soared Thursday as dealers hoped the G20 summit would produce a plan to solve the world financial crisis, while positive US economic data also boosted confidence, traders said.
Investors were meanwhile expecting the European Central Bank to cut eurozone interest rates to a record low level on Thursday as the world seeks ways to fight the worst economic downturn since the 1930s.
Hong Kong led the charge in stock market trading on Thursday, leaping 5.93 percent near the close, while Tokyo finished up 4.40 percent at a three month high and Sydney closed 2.81 percent higher.
In early European trade, London, Frankfurt and Paris all surged by more than three percent as markets continued an upward trend that began early last month.
The massive gains came as leaders of the 20 developed and developing nations prepared to meet later in London to hammer out an agreement aimed at dragging the world out of its worst economic slump in more than 70 years.
"Make no mistake, we are facing the most severe economic crisis since World War II, and the global economy is now so fundamentally interlinked that we can only meet this challenge together," said US President Barack Obama following pre-summit talks.