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US stocks flat before key figures US stocks decline after weak data
(about 1 hour later)
US shares have opened little changed ahead of key consumer confidence data. US stocks fell in Tuesday trading, after weak consumer confidence data reignited concerns about the health of the US economy.
The main Dow Jones index was up just eight points to 12,560 before the latest monthly figures from the closely watched Conference Board report. The main Dow Jones index fell 0.6%, after the closely watched Conference Board report indicated US consumer morale was at a five-year low.
European shares were up strongly, boosted by JP Morgan Chase raising its takeover offer overnight for rival US bank Bear Stearns. Wall Street had rallied on Monday on news that JP Morgan Chase had raised its takeover offer for Bear Stearns.
In Europe, the UK's FTSE 100 was up 186 points, or 3.4%, at 5,677, while Germany's Dax had advanced 3%. European shares trimmed earlier gains but remained in positive territory.
France's Cac had added 3.4%, while Japan's Nikkei earlier added 2%. The benchmark Dow Jones industrial average fell 72.21 points to 12,476.43 points, while the tech-dominated Nasdaq index shed 0.2%, or 4.33 points, to 2322.42.
Hong Kong's Hang Seng index earlier closed up 6.4%, while shares in Australia added 3.3%. The UK's FTSE 100 was up 138.5 points, or 2.5%, at 5,677, Germany's Dax was 2.76% higher and France's Cac rose 2.58%.
In India, Bombay's Sensex gained 928.09 points, or 6.1%, to end at 16,217.49.
'Ready for a rebound''Ready for a rebound'
JP Morgan's higher offer for troubled Bear Stearns has eased fears about the extent of woes in the banking sector.JP Morgan's higher offer for troubled Bear Stearns has eased fears about the extent of woes in the banking sector.
Analysts were divided on whether Tuesday's gains were likely to continue. But analysts were divided on whether Tuesday's gains in Europe and Asia were likely to continue.
"I think this is the beginning of a rally," said Francis Lun, a general manager at Fulbright Securities in Hong Kong."I think this is the beginning of a rally," said Francis Lun, a general manager at Fulbright Securities in Hong Kong.
"We have gone down low enough and the market is ready for a rebound. Banks will lead the rally.""We have gone down low enough and the market is ready for a rebound. Banks will lead the rally."
But Societe Generale's Arthur van Slooten said the gains may only "be a temporary relief".But Societe Generale's Arthur van Slooten said the gains may only "be a temporary relief".
"To be convinced that this is the floor, we need more indications that the credit market is stabilising," he said."To be convinced that this is the floor, we need more indications that the credit market is stabilising," he said.
"Until that happens, equities will remain under pressure, so this could be a small rally in a bear market.""Until that happens, equities will remain under pressure, so this could be a small rally in a bear market."
In Asian trade on Tuesday, Japan's Nikkei closed up 2% while Hong Kong's Hang Seng rose 6.4%.
In Australia the main share index added 3.3%, while in India the Bombay Sensex gained 928.09 points, or 6.1%, to end at 16,217.49.