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Shares mixed as worries persist European shares limp to a close
(about 2 hours later)
Global stock markets have given a mixed reaction to the sharp losses seen in Monday's trading. After a volatile day's trading, European markets closed lower on Monday as investors continued to fear for the health of the global economy.
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%. The UK's FTSE 100 was down 3.2%, France's Cac 40 dropped 1%, while Germany's Dax fell 0.52%.
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%. On Wall Street, the Dow Jones index opened up 1% but soon fell away following cautionary comments from Federal Reserve chairman Ben Bernanke.
Earlier, Japanese stocks traded close to 26-year lows as investor concerns about the financial system persisted. Japanese stocks traded close to 26-year lows before staging a modest recovery.
Mr Bernanke warned of stagnation if the US authorities did not move "aggressively" to stimulate the economy.
Following his comments, the Dow traded down 30 points, or 0.4%, on the day.
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
The Nikkei 225 index fell sharply before recovering to close at 7229.7, down 0.69% on the day. Earlier, 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%.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.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.
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, 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 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.