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European markets descend further Shares mixed as worries persist
(about 3 hours later)
Hopes of a sustained bounce in European stocks following Monday's heavy falls were dashed as markets fell away in mid-morning, wiping out early gains. Global stock markets have given a mixed reaction to the sharp losses seen in Monday's trading.
The UK's FTSE 100 fell 1.5%, while Germany's Dax and France's Cac 40 were virtually unchanged on the day. On Wall Street, the Dow Jones share index was up 1% shortly after opening. The broader Standard & Poor's 500 index was also up 1.4%.
Earlier on Tuesday, Japanese stocks traded close to 26-year lows as investor concerns about the health of the financial system persisted. In afternoon trade, the UK's FTSE 100 was down 1.5%, but Germany's Dax and France's Cac 40 were both up by 1%.
The Nikkei 225 fell sharply before recovering to 7229.7, down 0.69%. Earlier, Japanese stocks traded close to 26-year lows as investor concerns about the financial system persisted.
Hong Kong's Hang Seng fell 1.9%, while India's main Mumbai index ended down 2.3%.
There's going to be more pain before there's a turnaround Lucinda Chan, Macquarie Private WealthThere's going to be more pain before there's a turnaround Lucinda Chan, Macquarie Private Wealth
On Monday, the US Dow Jones share index fell below 7,000 points for the first time since 1997. The Nikkei 225 index fell sharply before recovering to close at 7229.7, down 0.69% on the day.
Hong Kong's Hang Seng index fell 1.9%, while India's main Mumbai index ended down 2.3%.
Rebound?Rebound?
On Monday, the Dow Jones had fallen below 7,000 points for the first time since 1997.
"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 On Monday, investor 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 UK's FTSE 100 index closed at a six-year low.