Japan's Nikkei stock market surged by 4.3 percent on Valentine's Day -- its biggest one-day jump in six years -- following better-than-expected economic growth figures.

Reliance Power's share price slumped by 17 percent on its first day of trading. The company launched its share issue last month, attracting millions of small investors and raising $3 billion to make it India's largest-ever public offering. Since then, the turbulence in world markets has shaken confidence within India, leading to the cancellation of two large initial public offerings. The country's benchmark Sensex index, which rose by 47 percent last year, has lost almost a fifth of its value in the past few weeks.

AIG raised the tally for its losses from the subprime market last October and November to $5 billion. The insurer had estimated that the loss would be up to $1.5 billion, but its auditor has since found a "material weakness" in how AIG valued its exposure.

Credit Suisse reported its annual earnings and bucked the trend of most big financial companies by scaling back its losses from the subprime market. The Swiss bank's results stood in stark contrast to UBS, its rival, which confirmed its first yearly loss since 1998.

Wheat prices soared after America, the biggest wheat exporter, reported that its stockpile was the lowest since 1948. Prices for the crop already were high, following a dip in worldwide production caused by drought in several countries.

Political economy

France's president, Nicolas Sarkozy, offered to allow Brazil the technology to build French attack submarines, helicopters and the Rafale fighter plane. He made the proposal during talks with his Brazilian counterpart, Luiz Inácio Lula da Silva, held at the border between Brazil and French Guiana.

Steven Spielberg resigned as an artistic adviser to the Summer Olympics in Beijing over China's policy on Darfur.

Russia and Ukraine settled a gas dispute moments before Gazprom, Russia's state-controlled energy giant, planned to switch off supplies. Russia also threatened to target missiles at Ukraine if the Ukrainians joined NATO and accepted deployment of U.S. missiles.

A business tycoon from Georgia, Badri Patarkatsishvili, 52, died of a heart attack in Britain. British police said they were treating the death as suspicious. Patarkatsishvili was a leading foe of Mikhail Saakashvili, who was re-elected Georgia's president last month.