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| Version 5 | Version 6 |
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| European stock markets stabilise | European stock markets stabilise |
| (10 minutes later) | |
| European markets have rallied in early morning trading as investors hope for calm following Monday's heavy falls. | European markets have rallied in early morning trading as investors hope for calm following Monday's heavy falls. |
| The UK's FTSE 100 and France's Cac 40 indexes rose 1.2%, while Germany's Dax index climbed 0.5%. | The UK's FTSE 100 and France's Cac 40 indexes rose 1.2%, while Germany's Dax index climbed 0.5%. |
| Earlier on Tuesday, Japanese stocks traded close to 26-year lows as investor concerns about the health of the financial system persisted. | Earlier on Tuesday, Japanese stocks traded close to 26-year lows as investor concerns about the health of the financial system persisted. |
| 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% | 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% |
| Indian shares also fell, with the main Mumbai index ending down 2.3%. | |
| 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? |
| But analysts see Tuesday's rebound as little more than a brief respite from the doom and gloom that has sent markets spiralling downwards in recent months. | But analysts see Tuesday's rebound as little more than a brief respite from the doom and gloom that has sent markets spiralling downwards in recent months. |
| There's going to be more pain before there's a turnaround Lucinda Chan, Macquarie Private Wealth | There's going to be more pain before there's a turnaround Lucinda Chan, Macquarie Private Wealth |
| "Whether this [rebound] will prove to be sustainable remains to be seen," said Matt Buckland at CMC Markets. | "Whether this [rebound] will prove to be sustainable remains to be seen," said Matt Buckland at CMC Markets. |
| Justin Urquart Stewart at Seven Investment Management was less equivocal: "It's just a relief rally after yesterday." | Justin Urquart Stewart at Seven Investment Management was less equivocal: "It's just a relief rally after yesterday." |
| "There's just a lot of fear driving the markets right now," said Lucinda Chan at Macquarie Private Wealth. | "There's just a lot of fear driving the markets right now," said Lucinda Chan at Macquarie Private Wealth. |
| "The market is consumed by the global sell-down at the moment, and I think there's going to be more pain before there's a turnaround." | "The market is consumed by the global sell-down at the moment, and I think there's going to be more pain before there's a turnaround." |
| In Japan, analysts said talk of a fresh government stimulus plan was unlikely to help revive the stock market. | In Japan, analysts said talk 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. |
| Record loss | Record loss |
| 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. |