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| - Global equities shot higher Tuesday after the US Federal Reserve launched a massive stimulus programme to support businesses hit by the virus lockdown, offsetting fears about a possible second wave of infections. The stocks rally was rooted also in reports that US President Donald Trump is considering a $1.0-trillion infrastructure investment package. Adding to positive sentiment was a surprise rise in US retail sales, pointing to a vibrant recovery in business activity. News that Britain will immediately start giving dexamethasone to coronavirus patients, after a trial showed the steroid saved the lives of one third of the gravest cases, gave a further boost to the mood across trading floors. Tuesday's gains helped wipe out some of the heavy losses suffered Monday caused by new virus cases around the world -- including in Beijing, Florida, Texas and Tokyo. Investors were taking heart from easing lockdowns, with several European countries reopening their borders and British shops trading again. But the main driver of the gains was the Fed's Main Street Lending Program and an emergency lifeline under which the Fed will buy up to $750 billion in corporate bonds. Wall Street was around 800 points higher shortly after the opening. European stocks also powered ahead, with key markets nearly four percent higher. Earlier, Asian markets had already closed stronger, with Tokyo's main stocks index winning an extra boost from a Bank of Japan move to ramp up aid for firms struggling with virus fallout. "The formal start of the Fed's corporate bond-buying programme boosted global sentiment," said City Index analyst Fiona Cincotta. "Adding to the seemingly addictive stimulus high, the Trump administration is weighing up a $1-trillion infrastructure spend to spur on the economy in the wake of the coronavirus crisis." The Fed had in recent weeks stated that it was on the verge of rolling out the Main Street scheme, but held off as it expanded the criteria to reach more struggling companies. The plan is part of a massive financial backstop put in place by the bank to protect the economy from the worst of the virus crisis. Fed boss Jerome Powell was meanwhile to give two days of congressional testimony, starting Tuesday. He caused ructions on markets last week with a sobering warning about the economic outlook. London - FTSE 100: UP 3.6 percent at 6,280.89 points Frankfurt - DAX 30: UP 3.8 percent at 12,365.21 Paris - CAC 40: UP 3.5 percent at 4,984.86 EURO STOXX 50: UP 3.8 percent at 3,255.73 New York - Dow: UP 3.1 percent at 26,555.57 Tokyo - Nikkei 225: UP 4.9 percent at 22,582.21 (close) Hong Kong - Hang Seng: UP 2.4 percent at 24,344.09 (close) Shanghai - Composite: UP 1.4 percent at 2,931.75 (close) West Texas Intermediate: UP 3.5 percent at $38.40 per barrel Brent North Sea crude: UP 3.3 percent at $41.03 Euro/dollar: DOWN at $1.1305 from $1.1323 at 2100 GMT Dollar/yen: UP at 107.41 yen from 107.33 yen Pound/dollar: UP at $1.2672 from $1.2605 Euro/pound: DOWN at 89.20 from 89.83 pence burs-jh/spm
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