Central banks continued their battle to restore normal trading conditions to the global money market by injecting emergency liquidity for a third consecutive trading session on Monday.

“The fact that the central banks’ injections of short-term liquidity into the markets appeared to be concerted has boosted equity investors’ confidence that the monetary authorities have the will and the means to contain the fall-out from the US subprime mortgage debacle,” said Stephen Lewis, strategist at Insinger de Beaufort.