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Shares volatile on recession fear Shares volatile on recession fear
(about 1 hour later)
US shares have rebounded during a volatile session on Wall Street despite a slew of weak corporate earnings that have stoked fears of recession.US shares have rebounded during a volatile session on Wall Street despite a slew of weak corporate earnings that have stoked fears of recession.
The main Dow Jones index was 0.4% higher at 8,553.06.The main Dow Jones index was 0.4% higher at 8,553.06.
Its positive showing led some of the European markets to close higher after earlier declines.Its positive showing led some of the European markets to close higher after earlier declines.
London's FTSE 100 index closed 1.16% higher at 4087.8, while in Germany the Dax index ended up 1.12% and France's Cac 40 index was 0.38% higher.London's FTSE 100 index closed 1.16% higher at 4087.8, while in Germany the Dax index ended up 1.12% and France's Cac 40 index was 0.38% higher.
Analysts suggested that the rise was due to higher oil prices, which boosted energy-related shares.Analysts suggested that the rise was due to higher oil prices, which boosted energy-related shares.
US light crude added $1.63 to reach $68.38 a barrel, after falling as low as $66.73 a barrel - its lowest point since June 2007.US light crude added $1.63 to reach $68.38 a barrel, after falling as low as $66.73 a barrel - its lowest point since June 2007.
'Credit tsunami''Credit tsunami'
Frail investor confidence was knocked by a speech by former Federal Reserve boss Alan Greenspan, who said the world was continuing to face a "once-in-a-century credit tsunami" which would have a severe impact on the US economy.Frail investor confidence was knocked by a speech by former Federal Reserve boss Alan Greenspan, who said the world was continuing to face a "once-in-a-century credit tsunami" which would have a severe impact on the US economy.
DOW JONES INDUSTRIAL AVERAGE: 23 October 2008*All Times GMTDOW JONES INDUSTRIAL AVERAGE: 23 October 2008*All Times GMT
Weak US trading statements came from companies including Starwood Hotels, which predicts that it will see room occupancy fall in the last three months of the year.Weak US trading statements came from companies including Starwood Hotels, which predicts that it will see room occupancy fall in the last three months of the year.
Meanwhile, United Parcel Service predicts its deliveries for the same period will fall 4%.Meanwhile, United Parcel Service predicts its deliveries for the same period will fall 4%.
On the jobs front, the US Labor Department reported that new applications for unemployment benefit rose by a larger-than-expected 15,000 last week to a seasonally-adjusted 478,000.On the jobs front, the US Labor Department reported that new applications for unemployment benefit rose by a larger-than-expected 15,000 last week to a seasonally-adjusted 478,000.
European falls Asian falls
FTSE 100 INDEX: 23 October 2008*All Times GMTFTSE 100 INDEX: 23 October 2008*All Times GMT
Investors are now increasingly concerned about the global economy and how long the financial crisis will endure. In other key market developments:
  • South Korea's Kospi index fell 7.4%, its lowest close since July 2005. The Korean won lost 5% of its value against the dollar
  • Hong Kong's Hang Seng index was down 4.7%, at its lowest ebb since April 2005
  • At one point, the Nikkei was trading at 8,016.61, its lowest level for more than five years. It recovered to close down 213 points or 2.5% at 8,460 points
  • The yen strengthened against the dollar and the euro overnight. The dollar hit a seven-month low of 96.85 yen, while the euro hit a six-year low of 123.40 yen
  • Indian shares opened down 4.8% at their lowest since June 2006. The rupee has so far shed nearly 21% against the dollar in 2008
  • In Australia, the benchmark index closed down 4.4%.
Investors are now increasingly concerned about the global economy and how long the financial crisis will endure. In other key market developments:
  • South Korea's Kospi index fell 7.4%, its lowest close since July 2005. The Korean won lost 5% of its value against the dollar
  • Hong Kong's Hang Seng index was down 4.7%, at its lowest ebb since April 2005
  • At one point, the Nikkei was trading at 8,016.61, its lowest level for more than five years. It recovered to close down 213 points or 2.5% at 8,460 points
  • The yen strengthened against the dollar and the euro overnight. The dollar hit a seven-month low of 96.85 yen, while the euro hit a six-year low of 123.40 yen
  • Indian shares opened down 4.8% at their lowest since June 2006. The rupee has so far shed nearly 21% against the dollar in 2008
  • In Australia, the benchmark index closed down 4.4%.