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| Version 0 | Version 1 |
|---|---|
| Global shares recover lost ground | Global shares recover lost ground |
| (about 1 hour later) | |
| European shares opened higher on Tuesday after Asian stock markets staged late rallies, clawing back some of their recent losses. | European shares opened higher on Tuesday after Asian stock markets staged late rallies, clawing back some of their recent losses. |
| In early trading, the FTSE 100 was up 2.2%, the Dax in Frankfurt rose 8.0% and the Cac 40 in Paris was unchanged. | |
| Trading is expected to remain volatile as concerns remain about the depth of the global downturn. | Trading is expected to remain volatile as concerns remain about the depth of the global downturn. |
| The Nikkei 225 in Tokyo fell below 7,000 for the first time in 26 years before recovering to close up 6.4%. | The Nikkei 225 in Tokyo fell below 7,000 for the first time in 26 years before recovering to close up 6.4%. |
| Authorities said that to stabilise markets, they would bring forward a ban on traders selling shares that they did not already own and had not borrowed. | Authorities said that to stabilise markets, they would bring forward a ban on traders selling shares that they did not already own and had not borrowed. |
| The Nikkei closed up 459.02 points at 7,621.92. | The Nikkei closed up 459.02 points at 7,621.92. |
| Exporters were helped by a sharp fall in the value of the Japanese yen against the US dollar. | Exporters were helped by a sharp fall in the value of the Japanese yen against the US dollar. |
| The yen has been appreciating against the dollar recently, but on Tuesday, its value fell to 95.51 yen to the dollar from 93.01. | The yen has been appreciating against the dollar recently, but on Tuesday, its value fell to 95.51 yen to the dollar from 93.01. |
| Asian gains | Asian gains |
| Share prices across Asia had initially lost ground again on opening, following volatile trading throughout the world. | Share prices across Asia had initially lost ground again on opening, following volatile trading throughout the world. |
| Hong Kong's Hang Seng closed up 14.4%, which was its biggest daily percentage gain for 11 years. | Hong Kong's Hang Seng closed up 14.4%, which was its biggest daily percentage gain for 11 years. |
| It followed a 12.7% decline on Monday. | It followed a 12.7% decline on Monday. |
| Even after Tuesday's gains, the Nikkei and Hang Seng had fallen more than 30% since the beginning of the month. | |
| South Korea's Kospi index initially dropped 2.6%, but later rose to finish 5% up on the day. | South Korea's Kospi index initially dropped 2.6%, but later rose to finish 5% up on the day. |
| Early ban | Early ban |
| Japan's Finance Minister Shoichi Nakagawa told reporters that the ban on naked short-selling, which had been due to come into force on 4 November, would be brought forward. | Japan's Finance Minister Shoichi Nakagawa told reporters that the ban on naked short-selling, which had been due to come into force on 4 November, would be brought forward. |
| Naked short-selling involves making a deal to sell shares that you do not own and relying on being able to buy the shares before the deal has to be settled. | Naked short-selling involves making a deal to sell shares that you do not own and relying on being able to buy the shares before the deal has to be settled. |
| It is done by traders who hope that the price of the shares will fall between the sale and the purchase of the shares, allowing them to pocket the difference. | It is done by traders who hope that the price of the shares will fall between the sale and the purchase of the shares, allowing them to pocket the difference. |
| The announcement follows similar moves by governments in the US, Australia and Europe. | The announcement follows similar moves by governments in the US, Australia and Europe. |
| "I decided on the measure because these few days will be critical and stock exchanges are facing risks unless we take quick action," said Mr Nakagawa. | "I decided on the measure because these few days will be critical and stock exchanges are facing risks unless we take quick action," said Mr Nakagawa. |
| "Japan was easily under pressure from other sources and that is why it was important to change the rules to US and European standards." | "Japan was easily under pressure from other sources and that is why it was important to change the rules to US and European standards." |
| Japan's Prime Minister Taro Aso has said he will delay calling a general election in order to handle the economic crisis, according to the Kyodo news agency. | Japan's Prime Minister Taro Aso has said he will delay calling a general election in order to handle the economic crisis, according to the Kyodo news agency. |
| Mr Aso, who took office a month ago, had been widely expected to call an early election to address the deep divisions in the Japanese parliament. | Mr Aso, who took office a month ago, had been widely expected to call an early election to address the deep divisions in the Japanese parliament. |