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Japanese stocks skirt 26-year low European stock markets stabilise
(20 minutes later)
Japanese stocks traded close to 26-year lows in Tuesday trading as investor concerns about the health of the financial system persisted. European markets have rallied in early morning trading as investors hope for calm following Monday's heavy falls.
The Nikkei 225 touched 7,088.47 on Tuesday morning, close to 26-year lows hit in October. It later recovered to 7229.7, down 0.69% on the day. The UK's FTSE 100 and France's Cac 40 indexes rose 1.2%, while Germany's Dax index climbed 0.5%.
Other Asian markets also fell, with Hong Kong's Hang Seng index down 1.9%. Earlier on Tuesday, Japanese stocks traded close to 26-year lows as investor concerns about the health of the financial system persisted.
European markets opened slightly up after Monday's falls. The UK's FTSE 100 and France's Cac 40 indexes rose 1.2%. The Nikkei 225 touched 7,088.47 before recovering to 7229.7, down 0.69% on the day. Hong Kong's Hang Seng fell 1.9%
Germany's Dax index climbed 0.5%.
On Monday, the US Dow Jones share index fell below 7,000 points for the first time since 1997.On Monday, the US Dow Jones share index fell below 7,000 points for the first time since 1997.
Rebound?Rebound?
After yesterday's massive sell-off the day does look likely to begin with a modest rebound Matt Buckland, CMC Markets After yesterday's massive sell-off, the day does look likely to begin with a modest rebound Matt Buckland, CMC Markets
Japanese analysts said talk in Tokyo of a fresh government stimulus plan was unlikely to help revive the stock market.Japanese analysts said talk in Tokyo of a fresh government stimulus plan was unlikely to help revive the stock market.
"Unless markets overseas stop falling there's nothing we can do, no matter how hard we try," said Yutaka Miura, an analyst at Shinko Securities."Unless markets overseas stop falling there's nothing we can do, no matter how hard we try," said Yutaka Miura, an analyst at Shinko Securities.
However, after Monday's steep falls, some analysts expect European markets to claw back some ground. However, after Monday's steep falls, some analysts were expecting European markets to claw back some ground.
"After yesterday's massive sell-off the day does look likely to begin with a modest rebound but whether this will prove to be sustainable remains to be seen," said Matt Buckland, a dealer at CMC Markets. "After yesterday's massive sell-off the day does look likely to begin with a modest rebound, but whether this will prove to be sustainable remains to be seen," said Matt Buckland, a dealer at CMC Markets.
On Monday, confidence was hit by a fresh $30bn bail-out of US insurance giant AIG following a record $62bn loss, and by the announcement from UK bank HSBC that it planned to raise £12.5bn from shareholders.On Monday, confidence was hit by a fresh $30bn bail-out of US insurance giant AIG following a record $62bn loss, and by the announcement from UK bank HSBC that it planned to raise £12.5bn from shareholders.
On Wall Street, the Dow Jones fell by 4.2% to end at 6,763, the lowest closing level since April 1997.On Wall Street, the Dow Jones fell by 4.2% to end at 6,763, the lowest closing level since April 1997.
The broader Standard & Poor's 500 index was down 4.7% at 701, briefly falling below the 700 level for the first time since October 1996.The broader Standard & Poor's 500 index was down 4.7% at 701, briefly falling below the 700 level for the first time since October 1996.
The UK's FTSE 100 index closed at a six-year low.The UK's FTSE 100 index closed at a six-year low.