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Calm returns to global exchanges Calm returns to global exchanges
(about 2 hours later)
Calm has returned to global stock markets, with East Asian exchanges rising in early Tuesday trade following an overnight recovery on Wall Street. Calm has returned to global markets, with European shares opening higher after earlier Asian gains and an overnight recovery on Wall Street.
Despite ongoing concerns regarding the US economy, the main American share indexes ended up on Monday on optimism Apple would deliver strong results. Despite ongoing concerns regarding the US economy, confidence has returned following strong results from Apple.
The computer firm did not disappoint, posting a 67% rise in quarterly profit. The computer firm posted a 67% rise in quarterly profit overnight.
Apple's strong figures helped lift the main Asian share indexes on Tuesday, with Japan's Nikkei 89 points higher. London's main FTSE 100 index was up 53 points or 0.8% in early Tuesday trading, while Frankfurt's Dax had gained 0.5% and Paris' Cac was up 0.7%.
Caterpillar warningCaterpillar warning
By early afternoon in Tokyo, the Nikkei was up 0.6% to 16,528. Tokyo's Dax had earlier closed Tuesday up 12 points to 16,451, with analysts saying Japanese shares were also benefiting from the yen falling against the dollar.
New York's main Dow Jones index finished Monday in New York up 45 points to 13,567, on optimism about Apple's results before they were released following the close of trading.
Analysts said Japanese shares were also benefiting from the yen falling slightly against the dollar.Analysts said Japanese shares were also benefiting from the yen falling slightly against the dollar.
Advances were even more pronounced on Hong Kong's Hang Seng index, which was up 2.7% or 776 points to 29,150.
Markets had fallen sharply on Monday and Friday, after US heavy machinery group Caterpillar said it expected the US economy would be "near to, or even in, recession" next year.Markets had fallen sharply on Monday and Friday, after US heavy machinery group Caterpillar said it expected the US economy would be "near to, or even in, recession" next year.