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Global shares recover lost ground Global shares recover lost ground
(about 2 hours later)
European stock markets have risen on Tuesday, regaining some of the ground lost in recent days. US stock markets rose in early trade on Tuesday, following gains seen in European and Asian markets.
The UK's FTSE 100 index was up 1.8%, helped by strong results from BP, while in Germany a sharp rise in Volkswagen shares pushed the Dax index up 5.1%. On Wall Street, the Dow Jones index rose 202.62 points, or 2.5%, to 8378.39, while the S&P 500 climbed 21.15 points, or 2.5%, to 874.95.
Earlier, Asian stock markets had staged late rallies, with the Nikkei 225 falling below the 7,000 level before recovering to close up 6.4%. In Europe, the UK's FTSE 100 index was up 3.1%, Germany's Dax was 8.2% higher and France's Cac added 2.3%.
Trading is set to remain volatile as concerns about global growth remain. Earlier in Asia, Japan's Nikkei index fell below the 7,000 at one point before recovering to close up 6.4%.
In Germany, the major factor in the rise in the Dax index was another jump in the share price of Volkswagen, Europe's largest carmaker. Steady gains
On Wall Street, shares in Boeing rose in early trade on news the firm had agreed a tentative deal to end a strike by its biggest union.
The strike is the longest the planemaker's plants have seen in 13 years and revenue losses from the action are estimated at $100m (£64m) a day.
The gains in the US follow a strong performance by the main European stock markets.
In early afternoon trading, the UK's FTSE 100 index was helped by better-than-expected results from both oil giant BP and insurance firm Aviva.
In Germany, the major factor behind the sharp rise in the Dax index was another jump in the share price of Volkswagen, Europe's largest carmaker. Its shares were trading 51% up by early afternoon.
VW's share price tripled on Monday, and at one point had increased by as much as 60% on Tuesday. The shares jumped after news at the weekend that sports carmaker Porsche had increased its stake in the company to 42.6% as part of its aim to take a majority stake.VW's share price tripled on Monday, and at one point had increased by as much as 60% on Tuesday. The shares jumped after news at the weekend that sports carmaker Porsche had increased its stake in the company to 42.6% as part of its aim to take a majority stake.
In London, better-than-expected profits from oil giant BP for the July to September period helped to lift the FTSE 100. BP's profits were boosted by July's record oil prices, although prices have since fallen back sharply. In Paris, the Cac 40 index was also trading higher, up 71.58 points at 3,138.93.
In Paris, the Cac 40 index was also trading higher, up 89.94 points, or 2.9%, at 3,157.29. Asian markets
Asian gains
Earlier in Japan, the Nikkei 225 had dropped below 7,000 points for the first time in 26 years, but later recovered close up 459.02 points at 7,621.92.Earlier in Japan, the Nikkei 225 had dropped below 7,000 points for the first time in 26 years, but later recovered close up 459.02 points at 7,621.92.
Japanese 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.Japanese 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.
Shares in exporters were helped by a sharp fall in the value of the Japanese yen against the US dollar.Shares in 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.
Other Asian economies also had late rallies and clawed back some of their earlier losses.Other Asian economies also had late rallies and clawed back some of their earlier losses.
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.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.
Even after Tuesday's gains, the Nikkei and Hang Seng have fallen more than 30% since the beginning of the month.Even after Tuesday's gains, the Nikkei and Hang Seng have 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.