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Stock markets bounce after sell-off Stock markets in Europe and the US bounce back after sell-off
(about 2 hours later)
Stock markets have risen, a day after billions were wiped off the value of shares amid global market turmoil. Europe's stock markets bounced back on Thursday, a day after billions were wiped off the value of shares amid global market turmoil.
London's FTSE 100 index, which measures the share prices of the 100 most valuable companies traded on the London Stock Exchange, was up nearly 1.5%. London's FTSE 100 index of leading shares closed up nearly 1.77%, while the main markets in France and Germany rose 1.97% and 1.94%.
Other European markets were also higher, and shares in the US were up shortly after trading began. Confidence was boosted when the head of Europe's central bank promised action to steady the eurozone if necessary.
However, investors remain worried over the continuing slide in oil prices and slowing growth in China. It offset fears about the falling oil price and worries about global growth.
In the US, the Dow Jones was up 123.96 points, or 0.8%, at 15,7890.70 in early trade. In the US, shares also recovered from losses the previous day, with traders saying that some investors believed the market was over-sold.
In the UK, the FTSE 100 rose 83.10 points to 5,756.68, and the share indexes in France and Germany were both up by more than 1.5%. About half-way through Wall Street's trading session, the Dow Jones was up 1.54% and the S&P 500 was 1.46% ahead.
Much earlier, Japan's main share index closed down by more than 2%.Much earlier, Japan's main share index closed down by more than 2%.
On Wednesday, global stock markets suffered hefty losses and London's FTSE 100 ended the day down 3.5%. On Wednesday, global stock markets suffered hefty losses and London's FTSE 100 ended the day down 3.5%.
By doing so it entered a "bear market", having fallen 20% from its record high in April last year.By doing so it entered a "bear market", having fallen 20% from its record high in April last year.
Oil marketOil market
Oil prices remained weak on Thursday, having hit their lowest levels since 2003 in the previous session. Comments by European Central Bank president Mario Draghi helped to steady investors' nerves.
A brief rally in crude prices quickly ran out of steam, and after climbing back above the $28-a-barrel mark, Brent crude fell back to $27.75. He hinted that the ECB could do more to stimulate the eurozone economy, saying there were "no limits" to action if necessary.
US crude was 1% lower on the day, trading at $28.09 a barrel, having fallen below $27 on Wednesday. The oil price also recovered, although it remains at around 12-year lows.
Crude oil prices have been falling since mid 2014, but oil-producing countries have maintained output despite the decline, contributing to the excess supplies on the market. Brent crude rose 5.9% to $29.52 a barrel. In the US, West Texas Intermediate Crude rose 5.3% briefly breaking back above $30 a barrel before settling at $29.79.
Oil prices have been falling since mid 2014, but oil-producing countries have maintained output despite the decline, contributing to the excess supplies on the market.
Earlier in the week, the International Energy Agency warned that oil markets could "drown in oversupply" in 2016.Earlier in the week, the International Energy Agency warned that oil markets could "drown in oversupply" in 2016.
'Good shape''Good shape'
Patrick Thomson from JP Morgan Asset Management told the BBC that investors should not panic.Patrick Thomson from JP Morgan Asset Management told the BBC that investors should not panic.
"If you look at the US economy particularly, that is actually in pretty good shape," he said."If you look at the US economy particularly, that is actually in pretty good shape," he said.
"You look at all of the data coming out recently, clearly growth is a little muted and corporate earnings are somewhat lower than expected due to energy prices and the strong dollar, but underlying fundamentals, particularly the US consumer, is in very good shape.""You look at all of the data coming out recently, clearly growth is a little muted and corporate earnings are somewhat lower than expected due to energy prices and the strong dollar, but underlying fundamentals, particularly the US consumer, is in very good shape."
That message was echoed by analysts Capital Economics, which said: "Despite the prevailing gloom about the world economy, we think global growth will pick up from around 2.5% last year to 3% in both 2016 and 2017, using our own estimates for China."That message was echoed by analysts Capital Economics, which said: "Despite the prevailing gloom about the world economy, we think global growth will pick up from around 2.5% last year to 3% in both 2016 and 2017, using our own estimates for China."