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Shaky start to European trading Shaky start to European trading
(40 minutes later)
European markets had a shaky start to trading on Friday, following heavy falls on Asian stock markets.European markets had a shaky start to trading on Friday, following heavy falls on Asian stock markets.
Indexes recovered early losses and by 1000 BST the FTSE 100 was up 0.88%, Frankfurt's Dax had fallen 0.14% and the Cac 40 in Paris was up 0.44%. Indexes have been up and down all morning. By 1035 BST the FTSE 100 was up 0.69%, Frankfurt's Dax was down 0.25% and Paris' Cac 40 was down 0.07%.
On Thursday Wall Street saw the Dow Jones claw back more than 300 points of its losses in the last hour of trading.On Thursday Wall Street saw the Dow Jones claw back more than 300 points of its losses in the last hour of trading.
In Asia, Japan's Nikkei fell 5.42%, its biggest points fall since April 2000, while Hong Kong's Hang Seng fell 1.38%.In Asia, Japan's Nikkei fell 5.42%, its biggest points fall since April 2000, while Hong Kong's Hang Seng fell 1.38%.
It comes the day after London's FTSE 100 fell 4.1%, cutting almost £60bn off the value of Britain's top companies.It comes the day after London's FTSE 100 fell 4.1%, cutting almost £60bn off the value of Britain's top companies.
Tokyo's Nikkei 225 closed down 874.8 points at 15,273.7, taking the index to its lowest level for a year.Tokyo's Nikkei 225 closed down 874.8 points at 15,273.7, taking the index to its lowest level for a year.
Central banks interveneCentral banks intervene
The Bank of Japan injected 1.2 trillion yen ($10.7 billion; £5.4bn) into money markets, which was its third intervention of the week.The Bank of Japan injected 1.2 trillion yen ($10.7 billion; £5.4bn) into money markets, which was its third intervention of the week.
Japanese investors are worried that a slowdown in the US economy will hit exports from Asia.Japanese investors are worried that a slowdown in the US economy will hit exports from Asia.
There is also speculation that the Bank of Japan could raise interest rates next week, despite the problems on the market.There is also speculation that the Bank of Japan could raise interest rates next week, despite the problems on the market.
Elsewhere, the Australian central bank intervened to support its currency for the first time for six years.Elsewhere, the Australian central bank intervened to support its currency for the first time for six years.
The Australian dollar was facing its biggest one day fall against the US dollar since it was allowed to trade freely in 1983.The Australian dollar was facing its biggest one day fall against the US dollar since it was allowed to trade freely in 1983.
US RecoveryUS Recovery
US shares were helped by rumours that Bear Stearns, which is heavily exposed to the mortgage sector, could get funding from a Chinese bank.US shares were helped by rumours that Bear Stearns, which is heavily exposed to the mortgage sector, could get funding from a Chinese bank.
There was talk that the Federal Reserve could cut interest rates to help support the troubled housing market.There was talk that the Federal Reserve could cut interest rates to help support the troubled housing market.
Also, there were suggestions that the government-sponsored lender Fannie Mae might be allowed to pump extra funds into the mortgage market.Also, there were suggestions that the government-sponsored lender Fannie Mae might be allowed to pump extra funds into the mortgage market.
Fannie Mae said its talks with regulators about increasing the amount it is allowed to invest in home loans are continuing.Fannie Mae said its talks with regulators about increasing the amount it is allowed to invest in home loans are continuing.