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Europe shares up after sell-off Europe shares up after sell-off
(20 minutes later)
European markets moved ahead on Tuesday - a day after a huge sell-off in global stocks driven by a lack of confidence in financial institutions.European markets moved ahead on Tuesday - a day after a huge sell-off in global stocks driven by a lack of confidence in financial institutions.
London's FTSE 100 index added 2% in early trading, having shed 7.8% in the previous session, while France's leading shares moved 3.9% higher. London's FTSE 100 index added 2.2% in early trading, having shed 7.8% in the previous session, while France's leading shares moved 2.7% higher.
However, Asian markets were mixed as traders reacted to the turmoil.However, Asian markets were mixed as traders reacted to the turmoil.
Japan's Nikkei index sank more than 5% - below the 10,000-point barrier - before bouncing back to close 3% down. Japan's Nikkei sank more than 5% - below the 10,000-point barrier - before recovering slightly to close 3% down.
Australia's financial markets rallied after the country's central bank cut its official interest rate by 1%.Australia's financial markets rallied after the country's central bank cut its official interest rate by 1%.
'Recession arrived''Recession arrived'
The FTSE 100's 391-point drop on Monday had wiped £93bn from the value of London's leading shares. Current rough estimates are that the capital injection could be as much as £50bn in total for all British banks Robert PestonBBC business editor class="" href="http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/10/banks_ask_chancellor_for_capit.html">Read Robert's blog in full
On Wall Street, the Dow Jones index was down more than 800 points at one point but recovered to close down 370 points at 9,955.50 - its first close below 10,000 points since 2004. The market moves came amid developments including:
The market moves came amid developments including:
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  • The British Chamber of Commerce saying that the UK was already in recession
  • The BBC's business editor Robert Peston learning that a trio of leading UK banks had met with chancellor Alistair Darling and told him they were disappointed he had not presented a fully elaborated banking rescue plan
  • Australia's central bank trimming interest rates from 7% to 6% - despite inflation being well ahead of government targets
  • A report saying that Moscow's two main stock exchanges were to remain close don Tuesday morning. Both had suffered heavy losses on Monday.
In London, the FTSE 100 index was up 102 points at 4,691.
Its 391-point drop on Monday had wiped £93bn from the value of London's leading shares.
France's Cac-40 index added 2.7% after losing more than 9% in the previous session, while Germany's Dax-30 gained 1.8%
The Nikkei index lost 317.2 points to end at 10,155, while Hong Kong's Hang Seng index was 5% lower in afternoon trading.
On Wall Street on Monday, the Dow Jones recovered from being more than 800 points down to end 370 points lower at 9,955.5 points - its first sub-10,000 finish since 2004.