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FTSE opens higher but jitters remain FTSE tumbles as jitters take hold
(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. (11:00): Hopes for a rebound on the FTSE 100 after Wednesday's shares rout have faded, after an initial rally petered out.
The blue chip index has opened up 1% or about 60 points higher to 6278.38. After opening higher by 1%, gains went into reverse, with the index now trading down by nearly 2%.
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. In France, the CAC-40 dropped by 3.5% while Germany's Dax fell by 2%.
Poor US economic data and fears over Greece's bailout plans have added to jitters. London's blue chip index saw its heaviest one-day fall in 16 months on Wednesday, dropping 2.8% or 181 points to 6,211.64.
Weaker economic sentiment in Germany has also added to concerns the eurozone could be heading for its third crisis since 2009. That marked its lowest point since July last year and wiped £46bn off shares.
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. The FTSE 100 fell 1.9% below Wednesday's close to 6092.43 after the official eurozone inflation figure for September was left unrevised at 0.3%.
Shares in Asia fell on Thursday tracking falls on Wall Street following the release of the US retail sales data. The Eurostat agency said there are now five countries with annual deflation - Greece, Italy, Spain, Slovenia and Slovakia.
The biggest loser for the second day in a row was drugs firm Shire, which lost 22% on Wednesday on the potential collapse of a £32bn takeover by US rival AbbVie. It was down by a further 7% on Thursday after the company confirmed it was no longer interested.
'Monetary morphine'
The market's muted performance followed another torrid session on Wall Street and gloom on Asian markets overnight, amid continuing worries over the global economy.
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.
Japan's blue chip index Nikkei 225 closed down 2.2% at 14,738.38 - a four-and-a-half-month low.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.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.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.