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Europe shares up after sell-off Europe shares up after sell-off
(10 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 lost some early gains but was still 0.5% ahead, having shed 7.8% in the previous session. France's leading shares moved 1.4% higher.London's FTSE 100 lost some early gains but was still 0.5% ahead, having shed 7.8% in the previous session. France's leading shares moved 1.4% higher.
However, Asian markets were mixed as traders reacted to the turmoil. But European banking stocks were coming under pressure with Royal Bank of Scotland (RBS)losing 30%.
Asian markets were mixed as traders reacted to the turmoil.
Japan's Nikkei sank more than 5% - below the 10,000-point barrier - before recovering slightly 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 from 7% to 6%.Australia's financial markets rallied after the country's central bank cut its official interest rate from 7% to 6%.
'Recession arrived''Recession arrived'
Current rough estimates are that the capital injection could be as much as £50bn in total for all British banks Robert PestonBBC business editor Read Robert's blog in fullCurrent rough estimates are that the capital injection could be as much as £50bn in total for all British banks Robert PestonBBC business editor Read Robert's blog in full
The market moves came amid developments including:
  • The British Chamber of Commerce saying that the UK was already in recession UK economy '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 Australia slashes interest rates
  • A report saying that Moscow's two main stock exchanges were to remain closed on Tuesday morning. Both had suffered heavy losses on Monday.
  • European Union finance ministers preparing to meet in Luxembourg for emergency talks on the world's financial meltdown EU finance chiefs in crisis talks
  • In London, banking shares coming under pressure with Royal Bank of Scotland losing 25%.
 The market moves came amid developments including:
  • The British Chamber of Commerce saying that the UK was already in recession UK economy '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 Australia slashes interest rates
  • Moscow's two main stock exchanges saying the would remain closed on Tuesday morning. Both had suffered heavy losses on Monday.
  • European Union finance ministers preparing to meet in Luxembourg for emergency talks on the world's financial meltdown EU finance chiefs in crisis talks
In London, the FTSE 100 index was up 25 points at 4,613, after much of its early gains evaporated.In London, the FTSE 100 index was up 25 points at 4,613, after much of its early gains evaporated.
Its 391-point drop on Monday had wiped £93bn from the value of London's leading shares.Its 391-point drop on Monday had wiped £93bn from the value of London's leading shares.
France's Cac-40 index, which lost more than 9% in the previous session, added 51 points to 3,764 while Germany's Dax-30 gained 1.8% to 5,437.France's Cac-40 index, which lost more than 9% in the previous session, added 51 points to 3,764 while Germany's Dax-30 gained 1.8% to 5,437.
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.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.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.