Global shares have risen on cautious optimism that a revised version of the US$700bn US banking rescue plan will be approved by US politicians. With the US Senate due to vote on the new plan later on Wednesday, hopes are growing that enough changes have been made to get the bill passed.

The UK's benchmark FTSE 100 share index was up 0.9% in morning trading. UK stocks were also lifted by news the Bank of England is to pump a further US$30bn  into the money markets.