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FTSE 100 rebound runs out of steam FTSE 100 ends higher after erratic day
(about 5 hours later)
(Noon): An early recovery in UK shares failed to last, but stock markets showed signs of stabilising. Close): UK shares had an uncertain day, but ended higher, rebounding from Monday's global sell-off.
After falling 2.6% on Monday, the FTSE 100 jumped 1% as trading began. But it then fell back and by lunchtime it was down 0.89 points at 6,092.54. After falling 2.6% on Monday, the FTSE 100 jumped 1% as trading began, lurched into negative territory by lunchtime, but closed up 0.72% at 6,137.24.
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 4.7% after it reported "disappointing" sales in the run-up to Christmas. In London, shares in retailer Next fell 4.6% 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, dropped 0.3%. But Sainsbury's fared even worse, shedding 5.2% after it emerged that the supermarket giant had made an unsuccessful bid approach for Home Retail Group.
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". Shares in Marks and Spencer, which is due to issue a trading update on Thursday, dropped 0.1%.
Deutsche also raised its rating for Morrisons - to "hold" from "sell" - and shares in the UK's fourth-largest supermarket group edged up 0.5%. Tesco was one of the biggest gainers in the FTSE 100, rising 1.5%, after Deutsche Bank raised its rating for the UK's largest supermarket business to "buy" from "hold".
On the currency markets, the pound slipped by 0.3% against the dollar to $1.4667, but was up by 0.4% against the euro to €1.3638. Deutsche also raised its rating for Morrisons - to "hold" from "sell" - and shares in the UK's fourth-largest supermarket group edged up 1.6%.
On the currency markets, the pound slipped by 0.3% against the dollar to $1.4665, but was up by 0.5% against the euro to €1.3655.