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Global shares jump despite further massive falls in China Global shares jump despite further massive falls in China
(34 minutes later)
US and European shares have surged in Tuesday trading, despite another night of steep falls for China's market.US and European shares have surged in Tuesday trading, despite another night of steep falls for China's market.
On Wall Street, the Dow Jones was 2.5% higher, while the FTSE 100 closed up 3% and Germany's Dax and Paris Cac were both up more than 4%. On Wall Street, the Dow Jones was 2.5% higher, while the FTSE 100 closed up 3% and Germany's Dax and Paris Cac both gained more than 4%.
European markets had opened higher but were were further boosted after China's central bank announced it was cutting interest rates.European markets had opened higher but were were further boosted after China's central bank announced it was cutting interest rates.
That followed two days of turmoil on China's stock markets.That followed two days of turmoil on China's stock markets.
On Tuesday the main Shanghai Composite index closed down 7.6% at 2,964.97 points, on top of Monday's losses. On Tuesday, the main Shanghai Composite index closed down 7.6% at 2,964.97 points, extending Monday's losses.
Stock markets in Lisbon, Madrid and Milan, were all also strongly higher. Stock markets in Lisbon, Madrid and Milan, all also main strong gains.
Follow our live coverage of global markets.Follow our live coverage of global markets.
"Today's move to cut interest rates... is certainly a step in the right direction," said Anna Stupnytska, global economist at Fidelity Worldwide Investment."Today's move to cut interest rates... is certainly a step in the right direction," said Anna Stupnytska, global economist at Fidelity Worldwide Investment.
"But while this might help sentiment, it is not enough to reverse the ongoing slowdown in China's growth. Some stabilisation in activity is probably the best case scenario. A sharp rebound is unlikely," she added."But while this might help sentiment, it is not enough to reverse the ongoing slowdown in China's growth. Some stabilisation in activity is probably the best case scenario. A sharp rebound is unlikely," she added.
The volatile moves in the markets has raised speculation that the Bank of England may delay an interest rate rise. The volatile market moves have raised speculation that the Bank of England may delay an interest rate rise.
However, Paul Hollingsworth, UK economist at Capital Economics, said: "Although the UK has clearly been caught up in the recent meltdown in global financial markets, we doubt that it will knock the economic recovery off course.However, Paul Hollingsworth, UK economist at Capital Economics, said: "Although the UK has clearly been caught up in the recent meltdown in global financial markets, we doubt that it will knock the economic recovery off course.
"That said, it provides the more cautious members of the [monetary policy committee] with another reason to hold fire on voting to raise interest rates." "That said, it provides the more cautious members of the [Monetary Policy Committee] with another reason to hold fire on voting to raise interest rates."