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Markets mixed in volatile trade | |
(20 minutes later) | |
European and Asian markets were mixed on Tuesday - a day after a huge sell-off in global stocks driven by a lack of faith in financial institutions. | |
London's FTSE 100 surrendered early gains as banking shares took a hammering - with Royal Bank of Scotland (RBS) losing 35% and Barclays down 15%. | |
Having shed 7.8% in the previous session, the key London index was 1.5% down. France's Cac-40 index rose 1%. | |
Asian markets were also mixed astraders reacted to the turmoil. | |
Japan's Nikkei 225 index sank more than 5% - below the 10,000-point barrier - before recovering slightly to close down 3%. | |
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 full | 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 full |
| The market moves came amid developments including:
|
In London, the FTSE 100 index was down 14 points at 4,575 after its early gains evaporated. | |
Its 391-point drop on Monday had already 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 36 points to 3,748 while Germany's Dax index rose 0.2% to 5,395. | |
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 at one point to end 370 points lower at 9,955.5 points - its first sub-10,000 finish since 2004. |