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European shares brush off US woes European shares brush off US woes
(21 minutes later)
European shares rose in late Tuesday morning trading, brushing off concerns about the US economy that had seen Wall Street close sharply lower overnight. European shares have risen in Tuesday trading, brushing off concerns about the US economy that had seen Wall Street close sharply lower overnight.
London's FTSE 100 was up 0.7% with analysts saying European stocks were being lifted by bargain hunters picking up cheap shares after Monday's falls. London's FTSE 100 was up 0.8% by noon trading, with analysts saying stocks were lifted by bargain hunters buying cheap shares after Monday's falls.
Meanwhile, Frankfurt's Dax added 0.9% and Paris' Cac gained 0.8%. Meanwhile, Frankfurt's Dax added 1.2% and Paris' Cac gained 0.8%.
Overnight the main US index, the Dow Jones, fell 1.7% due to further fears about the continuing credit crisis.Overnight the main US index, the Dow Jones, fell 1.7% due to further fears about the continuing credit crisis.
The big decline came after Goldman Sachs downgraded the shares of Citigroup, and forecast the banking giant would report $15bn (£7.3bn) in losses.The big decline came after Goldman Sachs downgraded the shares of Citigroup, and forecast the banking giant would report $15bn (£7.3bn) in losses.
Fears remainFears remain
Analyst Franz Wenzel, of Axa Investment Mangers in Paris, cautioned that the European share gains could be short-lived.Analyst Franz Wenzel, of Axa Investment Mangers in Paris, cautioned that the European share gains could be short-lived.
It's a Black November Masayoshi Okamoto, Jujiya SecuritiesIt's a Black November Masayoshi Okamoto, Jujiya Securities
"We should not be too enthusiastic about what we see in the European markets," he said."We should not be too enthusiastic about what we see in the European markets," he said.
"We're not yet out of the woods. For that we would definitely need the US market to regain some positive momentum, and that's not what we have currently.""We're not yet out of the woods. For that we would definitely need the US market to regain some positive momentum, and that's not what we have currently."
Analysts said US investors remained fearful that ever more global banks would reveal their exposure to bad American mortgage debt and the resulting credit crisis.Analysts said US investors remained fearful that ever more global banks would reveal their exposure to bad American mortgage debt and the resulting credit crisis.
"The concern is that if there are unknown losses still to be recorded, the risk aversion that has been present in markets will remain," said Tony Brennan, equity strategist at Deutsche Bank."The concern is that if there are unknown losses still to be recorded, the risk aversion that has been present in markets will remain," said Tony Brennan, equity strategist at Deutsche Bank.
"It's a Black November," said Masayoshi Okamoto, head of dealing at Japan's Jujiya Securities."It's a Black November," said Masayoshi Okamoto, head of dealing at Japan's Jujiya Securities.
Tokyo's Nikkei 225 closed up 1.1% on Tuesday after sentiment was buoyed by a takeover bid for one of the country's largest banks.Tokyo's Nikkei 225 closed up 1.1% on Tuesday after sentiment was buoyed by a takeover bid for one of the country's largest banks.
A group of investors led by US buyout firm JC Flowers are bidding about $1.8bn for just under a third of Shinsei Bank.A group of investors led by US buyout firm JC Flowers are bidding about $1.8bn for just under a third of Shinsei Bank.