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Shaky start to European trading Shaky start to European trading
(10 minutes later)
European markets bounced back from early losses on Friday, despite heavy falls on Asian stock markets.European markets bounced back from early losses on Friday, despite heavy falls on Asian stock markets.
In early trading, the FTSE 100 was up 1.35%, Frankfurt's Dax rose 0.14% and the Cac 40 in Paris was up 1.16%.In early trading, the FTSE 100 was up 1.35%, Frankfurt's Dax rose 0.14% and the Cac 40 in Paris was up 1.16%.
It came after a recovery on Wall Street saw the Dow Jones claw back more than 300 points of its losses in the last hour of trading.It came after a recovery on Wall Street saw the Dow Jones claw back more than 300 points of its losses in the last hour of trading.
But there were more falls in Asia, with the Nikkei down 5.4% - its biggest points fall since April 2000.But there were more falls in Asia, with the Nikkei down 5.4% - its biggest points fall since April 2000.
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.
By 0730 BST Hong Kong's Hang Seng was down 3.3% or 688.8 points at 19983.6. By 0900 BST Hong Kong's Hang Seng was down 1.1% or 224.4 points at 20447.8, having earlier fallen more than 3%.
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 shares were helped by rumours that Bear Stearns, which is heavily exposed to the troubled mortgage sector, could get funding from a Chinese bank.US shares were helped by rumours that Bear Stearns, which is heavily exposed to the troubled mortgage sector, could get funding from a Chinese bank.
There was also talk that the Federal Reserve could cut interest rates to help support the troubled housing market.There was also talk that the Federal Reserve could cut interest rates to help support the troubled housing market.