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European and Asian markets rally Global stock markets enjoy rally
(about 1 hour later)
Asian and European stock markets regained some ground on Tuesday following five days of losses with US markets also expected to rally. World stock markets regained some ground on Tuesday following five days of losses.
London's FTSE 100 index climbed 46.5 points to 6,105.2 by early afternoon. Other European markets also rose. US markets opened higher and London's FTSE 100 index was up 64.8 points at 6,123.5 by early afternoon. Other European markets also rose.
Japan's Nikkei index, which had lost 8% of its value in the past five sessions, climbed 1.2%, while the Bombay Stock Exchange closed 2.3% higher at 12,697.Japan's Nikkei index, which had lost 8% of its value in the past five sessions, climbed 1.2%, while the Bombay Stock Exchange closed 2.3% higher at 12,697.
The Nikkei index closed up 202.25 points at 16,844.5 as the yen slid. However, analysts said that not too much could be read into the rally.
The weakening yen boosted shares in companies such as Toyota which rely on overseas sales for much of their revenue. "I believe it's a recovery bounce," said Andre Bakhos, president of Princeton Financial Group in New Jersey.
Analysts said that not too much could be read into the rally at this stage.
"I believe it's a recovery bounce," said president of Princeton Financial Group in New Jersey, Andre Bakhos.
"The hope is that it holds and a bottom can be built from it. But a lot of damage has been done, and it's like expecting an open-heart surgery patient to play tennis the next day.""The hope is that it holds and a bottom can be built from it. But a lot of damage has been done, and it's like expecting an open-heart surgery patient to play tennis the next day."
Overvalued? Rebound
The US Dow Jones index made a positive start to trading on Tuesday, climbing 84.9 points to 12,135.2.
Other US indexes also rose, with the tech-based Nasdaq index up 29.5 points at 2,370.2 and the S&P 500 index 13.2 points higher at 1,387.3.
Earlier in Japan, the Nikkei index had closed up 202.25 points at 16,844.5. A fall in the value of the yen helped to lift shares in companies such as Toyota which rely on overseas sales for much of their revenue.
Hong Kong's Hang Seng index climbed 2.1%, while the main indexes in Australia and China put on 2%.Hong Kong's Hang Seng index climbed 2.1%, while the main indexes in Australia and China put on 2%.
Markets in Malaysia, South Korea, Taiwan, Singapore and Indonesia were all 1% higher.
The price of oil also rallied, adding more than $1 to climb above $61 a barrel.The price of oil also rallied, adding more than $1 to climb above $61 a barrel.
On Monday, the US Dow Jones index was positive for most of the day, but fell towards the end of the session to close down 63.7 points at 12,050.4. Overvalued?
Elsewhere on Wall Street, the technology-laden Nasdaq index closed down 1.1% at 2,340.7, while the S&P 500 index ended 0.9% lower at 1,374.12. Equity markets have suffered heavy losses in recent days, after investors dumped stocks amid concerns that they were overvalued and that economic growth could slow.
European and Asian market equity markets have suffered heavy losses in recent days, after investors dumped stocks amid concerns that they were overvalued and that economic growth could slow.
The current stock slump was triggered last week by the biggest drop on China's market in a decade.The current stock slump was triggered last week by the biggest drop on China's market in a decade.
That fed into fears about the state of the US economy, at a time when many investors were questioning whether share prices had risen too far too quickly.That fed into fears about the state of the US economy, at a time when many investors were questioning whether share prices had risen too far too quickly.
Many of the world's top indexes and shares had climbed to levels not seen since the dotcom bubble burst in 2000.Many of the world's top indexes and shares had climbed to levels not seen since the dotcom bubble burst in 2000.