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| Shares up as global stock market rally continues | |
| (about 1 hour later) | |
| Global stock markets have rallied for a second day, boosted by rising oil prices and hopes of more stimulus measures by central banks. | |
| London's FTSE 100 index rose more than 2%, and US markets also saw strong gains as trading got under way. | |
| Shares had risen strongly on Thursday, after the European Central Bank hinted it might take more action to try to boost the eurozone's economy. | |
| The rise in shares comes at the end of a turbulent week for the markets. | The rise in shares comes at the end of a turbulent week for the markets. |
| Stock markets had dived earlier in the week as investors fretted over falling oil prices and prospects for China's economy. | Stock markets had dived earlier in the week as investors fretted over falling oil prices and prospects for China's economy. |
| Sharp falls on Wednesday pushed many share indexes into a "bear market" - marking a 20% fall from recent peaks. | |
| Draghi impact | Draghi impact |
| In London, the benchmark FTSE 100 share index was up 125.53 points, or 2.2%, at 5,899.32 in afternoon trading. | |
| Elsewhere in Europe, Germany's Dax index was up 2.2% while in France the Cac 40 index was 3.4% higher. | |
| In the US, stocks on Wall Street made a strong start to the day, with the Dow Jones climbing 1.1%. | |
| The recovery in stocks had begun on Thursday, following comments from European Central Bank (ECB) president Mario Draghi. | |
| The ECB has already cut its benchmark interest rate to just 0.05%, and is currently spending €60bn a month on bond purchases as part of its current stimulus programme. | |
| However, Mr Draghi hinted that the bank might take more action to try to boost the eurozone later this year. | |
| He said the bank would "review and possibly reconsider" monetary policy at its next meeting in March. | He said the bank would "review and possibly reconsider" monetary policy at its next meeting in March. |
| Mr Draghi also said eurozone rates would "stay at present or lower levels for an extended period" and there would be "no limits" to action to boost the eurozone. | Mr Draghi also said eurozone rates would "stay at present or lower levels for an extended period" and there would be "no limits" to action to boost the eurozone. |
| Earlier on Friday, Japan's Nikkei index jumped by nearly 6%. The market there had been lifted by speculation that the Bank of Japan was considering a fresh wave of stimulus measures to try to boost the economy. | Earlier on Friday, Japan's Nikkei index jumped by nearly 6%. The market there had been lifted by speculation that the Bank of Japan was considering a fresh wave of stimulus measures to try to boost the economy. |
| Oil rebound | Oil rebound |
| Markets have also been encouraged by a recovery in oil prices. | Markets have also been encouraged by a recovery in oil prices. |
| Earlier this week, oil prices fell to their lowest level since 2003 - around $27 a barrel - after the International Energy Agency warned that oil markets could "drown in oversupply" in 2016. | Earlier this week, oil prices fell to their lowest level since 2003 - around $27 a barrel - after the International Energy Agency warned that oil markets could "drown in oversupply" in 2016. |
| However, on Friday the price of Brent crude was up more than $2 at $31.27 a barrel, while US crude was $1.78 higher at $31.31 a barrel. | |
| The prospect of colder weather in the US and Europe was being cited as one factor behind the rise. | The prospect of colder weather in the US and Europe was being cited as one factor behind the rise. |