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FTSE opens higher but jitters remain FTSE opens higher but jitters remain
(about 1 hour later)
(Open): Shares in London recovered some of their losses at the open after the worst session in more than a year wiped £46bn off the FTSE 100 on Wednesday.(Open): Shares in London recovered some of their losses at the open after the worst session in more than a year wiped £46bn off the FTSE 100 on Wednesday.
The blue chip index has opened up 1% or about 60 points higher to 6278.38.The blue chip index has opened up 1% or about 60 points higher to 6278.38.
But traders warned there was no change in the uncertain mood after the City was the FTSE slumped 2.8% or 181 points to 6,211.64 yesterday.But traders warned there was no change in the uncertain mood after the City was the FTSE slumped 2.8% or 181 points to 6,211.64 yesterday.
Poor US economic data and fears over Greece's bailout plans have added to jitters.Poor US economic data and fears over Greece's bailout plans have added to jitters.
Weaker economic sentiment in Germany has also added to concerns the eurozone could be heading for its third crisis since 2009.Weaker economic sentiment in Germany has also added to concerns the eurozone could be heading for its third crisis since 2009.
US retail sales for September fell 0.3% on the previous month and other key data on manufacturing cemented a gloomy picture, prompting steep falls on Wall Street.US retail sales for September fell 0.3% on the previous month and other key data on manufacturing cemented a gloomy picture, prompting steep falls on Wall Street.
Shares in Asia fell on Thursday tracking falls on Wall Street following the release of the US retail sales data.
Japan's blue chip index Nikkei 225 closed down 2.2% at 14,738.38 - a four-and-a-half-month low.
Meanwhile, the US dollar was at 106.20 yen.
Among the losers were shares of Toyota, down almost 2% after the car manufacturer issued a recall of 1.75 million vehicles on Wednesday.
Hong Kong shares were down 0.5% as the Hang Seng Index fell to 23,013.86.
The Shanghai Composite fell 0.5% after data showed that the rate of inflation in September fell, adding to evidence of a slowdown in the Chinese economy.
Michael Hewson, chief market analyst at CMC Markets, said the end of monetary stimulus in the United States had provided a reality check for markets.Michael Hewson, chief market analyst at CMC Markets, said the end of monetary stimulus in the United States had provided a reality check for markets.
He said: "As the monetary morphine has started to wear off the patient has come to realise that a lot of the old problems still remain, and yesterday's poor US data helped trigger a rather extreme reaction in not only the stock markets but bond markets too, as complacent investors rushed to hedge themselves.He said: "As the monetary morphine has started to wear off the patient has come to realise that a lot of the old problems still remain, and yesterday's poor US data helped trigger a rather extreme reaction in not only the stock markets but bond markets too, as complacent investors rushed to hedge themselves.
"In essence, investors are asking the question with respect to the recent recovery about whether this is as good as it gets, which rather explains the slump in the oil price, bond yields and stock markets.""In essence, investors are asking the question with respect to the recent recovery about whether this is as good as it gets, which rather explains the slump in the oil price, bond yields and stock markets."
Shire Pharmaceuticals was the biggest loser on the FTSE 100 early on, down a further 11.4% to 3555p, after US rival AbbVie confirmed it had recommended to its shareholders that they vote against the proposed takeover deal of the UK drugs company, following proposed changes to the US tax regime.Shire Pharmaceuticals was the biggest loser on the FTSE 100 early on, down a further 11.4% to 3555p, after US rival AbbVie confirmed it had recommended to its shareholders that they vote against the proposed takeover deal of the UK drugs company, following proposed changes to the US tax regime.