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Global shares recover lost ground Global shares recover lost ground
(about 4 hours later)
US stock markets rose in early trade on Tuesday, following gains seen in European and Asian markets. European shares closed higher on Tuesday, regaining some of the ground they had lost in previous sessions.
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. In London, the FTSE closed up 73.79 points, or 1.9%, at 3,926.38 while in Paris the Cac 40 gained 47.57 points, or 1.6%, to end at 3,114.92 points.
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%. Frankfurt's Dax rose 485.81 points, or 11.3%, to 4,823.45. Earlier, Asian markets finished up after a late rally.
Earlier in Asia, Japan's Nikkei index fell below the 7,000 at one point before recovering to close up 6.4%. In afternoon trading in New York, the main indexes were up on hopes of a rate cut by the US Federal Reserve.
European markets
In Germany, the Dax was mainly boosted by Volkswagen, whose shares have soared since Porsche announced on Sunday it had upped its VW stake. This has caused investors to scramble for the remaining VW shares in the market.
As a result, VW - Europe's largest carmaker - was the clear winner on the German index, finishing the day up 81.7% at 893.14 euros.
Basf and engineering group Linde also had a strong day, finishing at 20.57 euros and 53.10 euros respectively.
In London, well-received results from BP and Aviva helped to lift investors' sentiment and pushed the index up, while French markets were boosted by the possible rate cut by the Federal Reserve.
Steady gainsSteady 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. On Wall Street, shares in Boeing were up in afternoon trading 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 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 New York the Dow Jones was at 8,506.55 points, up 223.73 points or 2.7%, in afternoon trading, the Nasdaq was up 29.36 points, or 1.9%, at 1,562.27 and the S&P 500 was up 21.2 points, or 2.5% at 881.7.
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. But the indexes fell back slightly from highs early Tuesday after news of low consumer confidence was published.
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. US consumer confidence fell to a record low in October, as homes were repossessed and firms laid off workers.
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. The US Conference Board said the monthly consumer confidence index fell to 38, down from a revised 61.4 in September and below analysts' expectations of 52.
In Paris, the Cac 40 index was also trading higher, up 71.58 points at 3,138.93. It is the lowest since the board began tracking consumer sentiment in 1967.
Asian marketsAsian markets
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 to close up 459.02 points or 6.4% 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.