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FTSE 100 recovers as markets stabilise FTSE 100 rebound runs out of steam
(about 2 hours later)
(Open): UK shares opened higher, recovering some of the ground lost in the previous session amid a global sell-off. (Morning): An early recovery in UK shares failed to last, but stock markets showed signs of stabilising.
After falling 2.6% on Monday, the FTSE 100 was up 57.69 points, or 1%, at 6,151.12 shortly after trading began. After falling 2.6% on Monday, the FTSE 100 jumped 1% as trading began. But it then fell back and by late morning the index was down 2.86 points at 6,090.57.
Shares across the globe fell sharply on Monday after trading in China was halted early when its main indexes fell 7%, triggering "circuit breakers".Shares across the globe fell sharply on Monday after trading in China was halted early when its main indexes fell 7%, triggering "circuit breakers".
Chinese markets fell again on Tuesday in volatile trade.Chinese markets fell again on Tuesday in volatile trade.
The Shanghai Composite index opened more than 3% lower, but then recovered to close 0.3% lower at 3,287.71.The Shanghai Composite index opened more than 3% lower, but then recovered to close 0.3% lower at 3,287.71.
Tesco gainsTesco gains
In London, shares in retailer Next fell 3.4% after it reported "disappointing" sales in the run-up to Christmas. In London, shares in retailer Next fell 5.5% after it reported "disappointing" sales in the run-up to Christmas.
It blamed the unusually warm weather in November and December, and poor stock availability at its Directory business.It blamed the unusually warm weather in November and December, and poor stock availability at its Directory business.
Shares in Marks and Spencer, which is due to issue a trading update on Thursday, slipped 0.2%. Shares in Marks and Spencer, which is due to issue a trading update on Thursday, dropped 1.1%.
Tesco was the biggest gainer in the FTSE 100, rising 4.6%, after Deutsche Bank raised its rating for the UK's largest supermarket business to "buy" from "hold". Tesco was one of the biggest gainers in the FTSE 100, rising 1.7%, after Deutsche Bank raised its rating for the UK's largest supermarket business to "buy" from "hold".
Deutsche also raised its rating for Morrisons - to "hold" from "sell" - and shares in the UK's fourth largest supermarket group rose 0.3%. Deutsche also raised its rating for Morrisons - to "hold" from "sell" - and shares in the UK's fourth largest supermarket group edged up 0.2%.
Mining stocks rebounded from Monday's big losses, with Anglo American up 2.6% and BHP Billiton 2.5% higher. On the currency markets, the pound slipped by two-fifths of a cent against the dollar to $1.4704, but was up by one-fifth of a cent against the euro to €1.3622.
On the currency markets, the pound slipped by one 10th of a cent against the dollar to $1.4704, but was up by one fifth of a cent against the euro to €1.3609.