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Stock markets give up early gains Stock markets give up early gains
(18 minutes later)
European stock markets have given up early gains, falling on expectations that Wall Street would open lower. Shares on Wall Street have opened lower after worries about the upcoming corporate earnings season hit prices.
The Dow Jones was down 1% in early trade amid reports that IBM may abandon its takeover of Sun Microsystems.
European markets gave up early gains. After rising more than 1% at first, the UK's FTSE 100 index was down 0.6%, and French and German stocks also fell.
Earlier, shares had extended a recent rally inspired by hopes that the worst might be over for the world economy.Earlier, shares had extended a recent rally inspired by hopes that the worst might be over for the world economy.
After rising more than 1% at first, the UK's FTSE 100 index was down 1.1%, and French and German stocks also fell. The FTSE 100 index was down 22.27 points at 4,007.4 in afternoon trade.
Concerns about the upcoming corporate earnings season and reports suggesting that IBM was abandoning its takeover of Sun Microsystems unsettled investors. France's Cac 40 index was down 1.57% to 2,912.3 while Germany's Dax index had fallen 0.76% to 4,351.69.
The FTSE 100 index was down 43.5 points at 3,986.17 points in afternoon trade.
France's Cac 40 index was down 0.94% to 2,931.04 while Germany's Dax index had fallen 0.8% to 4,350.07.
Bulls emerge?Bulls emerge?
In Asia, Hong Kong's Hang Seng index ended up 3.1%, while Japan's Nikkei rose 1.2%. In Asia on Monday, Hong Kong's Hang Seng index ended up 3.1%, while Japan's Nikkei rose 1.2%.
Investors were hopeful that low interest rates, stimulus plans and banking bail-outs would begin to pull the world economy out of its slump.Investors were hopeful that low interest rates, stimulus plans and banking bail-outs would begin to pull the world economy out of its slump.
The gains came after US stocks ended higher on Friday, logging a fourth week of consecutive gains, despite gloomy data on the jobs market. Markets also took heart after investors strongly backed HSBC's cash call - the biggest in UK corporate history. The gains in Asia came after US stocks ended higher on Friday, logging a fourth week of consecutive gains, despite gloomy data on the jobs market. Markets were also lifted by news that investors had strongly backed HSBC's rights issue - the biggest in UK corporate history.
The pace of deterioration may have been decelerating Robert Peston, BBC business editor Read Robert's blog The pace of deterioration may have been decelerating Robert Peston, BBC business editor Read Robert's blog
"Bulls are putting their heads above the parapet on the basis that the global economy appears to be getting past the bottom, but the next test will be how robust earnings are," said Richard Hunter, head of equities at Hargreaves Lansdown.
Asian markets shrugged off news of a rocket launch by North Korea, focusing instead on economic figures.Asian markets shrugged off news of a rocket launch by North Korea, focusing instead on economic figures.
Japanese exporters, like Panasonic, got a boost as the yen weakened and after US Federal Reserve chairman Ben Bernanke said that Fed strategies were easing the US financial crisis. Japanese exporters, such as Panasonic, got a boost as the yen weakened and after US Federal Reserve chairman Ben Bernanke said that Fed strategies were easing the US financial crisis.
BBC business editor Robert Peston says that share prices have been rising not because there is evidence of economic recovery - but rather that the pace of deterioration may have been decelerating. BBC business editor Robert Peston says that share prices have been rising recently not because there is evidence of economic recovery - but rather on hopes that the pace of deterioration may be decelerating.
He says there is evidence that the availability of credit is improving in the UK , and that the underlying message from recent mixed data on the UK housing market may be that prices are not dropping as quickly as they were.He says there is evidence that the availability of credit is improving in the UK , and that the underlying message from recent mixed data on the UK housing market may be that prices are not dropping as quickly as they were.