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UK shares up almost 2% after torrid week US markets choppy after torrid week
(about 5 hours later)
UK and other European stock markets built on earlier gains on Friday, after a turbulent week for markets. US stock markets experienced choppy trade on Friday, slipping lower as the morning progressed.
Leading European indexes including the FTSE 100 were almost 2% higher at midday. After opening higher, the Dow, S&P 500 and Nasdaq turned modestly negative, a reversal that extended a turbulent period for markets.
The improvement followed US shares, which swang into positive ground on Thursday. The shift in sentiment has hit share prices around the world.
This week has been torrid for global markets, which have been unsettled by global political and economic uncertainty. European markets, though, continued in strong positive ground. The FTSE 100 share index closed up more than 2.2% at 6,733.97 points.
The 100 share index was up 1.87%, or 122.86 points, at 6,707.54. In Germany, the DAX gained about 1.7% in later afternoon, while France's CAC index rose about 1.6%.
Stock markets around the world have swung significantly between gains and losses. The sharp swings in prices continued this week, though analysts cautioned that movements were exacerbated by the lower dealing levels seen during holiday trading.
Friday's European gains come after an Asian trading session that was steadier than in recent days. Many markets have had a dismal year.
Japan's Nikkei 225 closed down 0.31% at 20,014.77, while Hong Kong's Hang Seng index closed flat, at 25,504.20. Japans' Nikkei has suffered its first annual loss in seven years, while Germany's Dax index is set to close with the biggest annual loss in a decade.
In Germany and France, the DAX and CAC indices were 1.9% higher. On Friday, Japan's Nikkei 225 closed down 0.31% at 20,014.77, while Hong Kong's Hang Seng index closed flat, at 25,504.20.
The price of oil, which has also see-sawed this week, was up 1.5% at $52.94 a barrel. US shares have been hit this week by weaker than expected home sales and consumer confidence data.
Overnight, the Dow Jones - which fell by more than 500 points or 1.8% earlier on Thursday - finished 1.1% up.
The S&P 500 and tech-heavy Nasdaq also rallied by the end of the Thursday's trading day.
The earlier sell-off was sparked by weak US consumer confidence data for December. However, analysts had cautioned that volatile share price movements were exacerbated by thin holiday trading.
Concerns about US-China trade tensions also resurfaced, with reports saying US President Donald Trump is considering an executive order banning the use of Chinese technology.Concerns about US-China trade tensions also resurfaced, with reports saying US President Donald Trump is considering an executive order banning the use of Chinese technology.