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Date: Tuesday 07 Oct 2008

LONDON (ShareCast) - Europe’s leading exchanges are holding on to gains despite a tumbling banking sector.

Australia helped to spark an early rally among banking stocks after its central bank cut overnight interest rates to 6% from 7%, but most banks have since retreated.

Deutsche Bank moved to assure investors earlier today, saying that no equity-raising measures are planned.

Royal Bank of Scotland has lost around one quarter of its value but having plunged to 90p at one stage its share price is, at least, back into treble figures, though this is scant compensation for shareholders who bought a year ago at 469p. Credit rating agency Standard & Poors has added to the misery by cutting its long and short term credit ratings on RBS to “+/A-1”from “A-/A-1+”.

According to the BBC, RBS has confirmed that a meeting with Darling did take place, but the bank blamed today’s share price fall on two very large trades in the company’s shares taking place today.

Icesave today blocked its UK customers from withdrawing or depositing money after Iceland’s government took control of Landsbanki, which runs the internet bank.

“We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts,” reads a statement of the bank's website.

“We apologise for any inconvenience this may cause our customers. We hope to provide you with more information shortly.”

Iceland’s government announced this morning that it has taken over Landsbanki, the country’s second largest bank, under new laws that allows it to nationalise public companies in the financial services sector.

Across the markets, the German DAX is up 12 points to 5,399, the French CAC is 67 points higher at 3,779, while the Swiss market rose 75 points to 6,534.

On the positive side, oil and gas companies gained as crude prices climbed back above $91 a barrel. French oil group Total is going well.

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