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Europe shares show recovery signs Europe shares show recovery signs
(20 minutes later)
European shares were seen rising in early trade on Friday, after three days of market volatility and global falls. European shares rose in early trade on Friday, after three days of market volatility and global falls.
France's Cac-40 index rose 0.62%, while Germany's Dax added 0.76% and the UK's FTSE100 climbed 0.58%. France's Cac-40 index gained 0.62%, Germany's Dax added 0.76% and the UK's FTSE 100 climbed 0.58%.
The trend came after Asian shares were mixed and shares in the US closed in the red on Thursday. The upturn echoed an increase in the Chinese markets, which were the trigger for a worldwide sell-off on Tuesday, although other Asian shares were down.
China's Shanghai Composite Index - which had triggered worldwide falls on Tuesday - closed 1.23% higher. Japan's Nikkei index closed 1.4% lower. Analysts have been worried that recent volatility suggested deeper economic problems, with talk of a recession.
Wider issue?Wider issue?
Friday's rise in Europe comes after the FTSE 100, Europe's biggest stock market, had shed 5% over three days, wiping out more than £80bn ($156.3bn; 118.8bn euros) of its value. Friday's rise in Europe comes after the FTSE 100, Europe's biggest stock market, shed 5% over three days, wiping out more than £80bn ($156.3bn; 118.8bn euros) of its value.
Just because China drops out of bed 9% doesn't mean we have to David Buik, Cantor IndexJust because China drops out of bed 9% doesn't mean we have to David Buik, Cantor Index
Traders have been concerned that global economic growth could be threatened and a longer-term recession could take place. Traders have been concerned that global economic growth could be threatened, in the wake of recent US economic figures showing the world's largest economy was slowing.
Analysts were boosted by the European upturn on Friday.Analysts were boosted by the European upturn on Friday.
"Just because China drops out of bed 9% doesn't mean we have to," said David Buik of Cantor Index."Just because China drops out of bed 9% doesn't mean we have to," said David Buik of Cantor Index.
The unpredictability that has dominated markets since Tuesday - when Chinese shares fell 9% - was prompted by rumours of a crackdown on illegal share offerings and trading there. The unpredictability that has dominated markets since Tuesday - when Chinese shares fell 9% - was prompted by rumours of a crackdown on illegal share offerings and trading in the country.
China's Shanghai Composite Index - which sparked worldwide falls on Tuesday - closed 1.23% higher. Japan's Nikkei index closed 1.4% lower.
Shares on Wall Street fell, with the key US Dow Jones Industrial Average and S&P 500 indexes falling 0.3% and the Nasdaq losing 0.5%.Shares on Wall Street fell, with the key US Dow Jones Industrial Average and S&P 500 indexes falling 0.3% and the Nasdaq losing 0.5%.
Friday's tentative gains in Shanghai came on the back of bargain-hunting for cheap property and financial stocks.Friday's tentative gains in Shanghai came on the back of bargain-hunting for cheap property and financial stocks.
"The market has been performing a bit irrationally in recent sessions amid sharp fluctuations, and some investors viewed it as a good chance to buy some oversold stocks," said Chen Huiqin, an analyst at Huatai Securities."The market has been performing a bit irrationally in recent sessions amid sharp fluctuations, and some investors viewed it as a good chance to buy some oversold stocks," said Chen Huiqin, an analyst at Huatai Securities.
Shares in Hong Kong also traded higher, with the Hang Seng index rising 0.3%.Shares in Hong Kong also traded higher, with the Hang Seng index rising 0.3%.
But elsewhere in Asia, markets remained lower - the Singapore Straits Times Index lost 0.6% and Australian shares fell 0.4%.But elsewhere in Asia, markets remained lower - the Singapore Straits Times Index lost 0.6% and Australian shares fell 0.4%.
In Japan, Friday's closing losses on the Nikkei wiped out the last of the gains the index had made so far made this year.In Japan, Friday's closing losses on the Nikkei wiped out the last of the gains the index had made so far made this year.
The weak dollar and flat Japanese consumer prices data sparked a sell-off in stocks, with key exporters, including electronics giant Sony carmaker Toyota, particularly hit.The weak dollar and flat Japanese consumer prices data sparked a sell-off in stocks, with key exporters, including electronics giant Sony carmaker Toyota, particularly hit.