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Europe shares show recovery signs European shares resume decline
(about 4 hours later)
European shares rose in early trade on Friday, after three days of market volatility and global falls. European shares have been falling, marking the fourth day of losses, amid a wider trend of global volatility and investor jitters.
France's Cac-40 index gained 0.62%, Germany's Dax added 0.76% and the UK's FTSE 100 climbed 0.58%. The drop came after a short-lived climb in earlier trade. France's Cac-40 index and Germany's Dax both dropped 0.8% as the UK's FTSE 100 fell 0.22%.
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. The trend compounds fears that recent falls indicate deeper economic problems and could even foreshadow a recession.
Analysts have been worried that recent volatility suggested deeper economic problems, with talk of a recession. The global sell-off had started Tuesday, triggered by events in China.
Wider issue? 'Edgy'
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. Chinese shares fell 9% on the day, prompted by rumours of a crackdown on illegal share offerings and trading in the country.
"Everyone remains very edgy. There is no sign of bargain hunting yet," one trader told Reuters.
The Shanghai Composite Index, which had been behind the initial fall, actually closed 1.23% higher, but other Asian markets fared less well, including Japan's Nikkei index which ended 1.4% lower.
The FTSE 100, Europe's biggest stock market, has shed at least 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, in the wake of recent US economic figures showing the world's largest economy was slowing.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. Some analysts, however, say this does not necessarily mean there will a global fall.
"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 in the country. Investors will be watching closely to see how the markets open on Wall Street, after the benchmark US Dow Jones Industrial Average and S&P 500 indexes fell 0.3% and the Nasdaq declined 0.5% in the last session.
China's Shanghai Composite Index - which sparked worldwide falls on Tuesday - closed 1.23% higher. Japan's Nikkei index closed 1.4% lower. Data is expected at 1500 GMT on US consumer sentiment.
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%. Many analysts say the US - as the world's largest economy - will be the most closely watched indicator of future trends.
Friday's tentative gains in Shanghai came on the back of bargain-hunting for cheap property and financial stocks. Irrational
"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. Asian markets gave a mixed picture. The Singapore Straits Times Index lost 0.6% and Australian shares fell 0.4%.
Shares in Hong Kong also traded higher, with the Hang Seng index rising 0.3%. "The market has been performing a bit irrationally in recent sessions amid sharp fluctuations," said Chen Huiqin, an analyst at Huatai Securities.
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. But shares in Hong Kong traded higher, with the Hang Seng index rising 0.3%.