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| European markets cut losses as oil rises above $30 | |
| (about 1 hour later) | |
| European markets have cut their losses after oil rose back above $30 a barrel, despite another slide in Asia on Tuesday. | |
| The FTSE 100 in London was down 0.75% at 5,833 points, with declines of about 0.4% in both Frankfurt and Paris. | |
| Shanghai tumbled 6.4% to its lowest close since December 2014, while the Hang Seng in Hong Kong fell 2.4%. | Shanghai tumbled 6.4% to its lowest close since December 2014, while the Hang Seng in Hong Kong fell 2.4%. |
| Brent crude rose 0.4% to $30.67 a barrel, reversing earlier falls, while US oil was flat at $30.32. | |
| Oil prices were hit earlier on Tuesday by figures from China showing annual rail freight volume - a key economic indicator - fell 11.9% last year, compared with a decline of 3.9% in 2014. | |
| Daniel Ang, an analyst with Phillip Futures in Singapore, said oil fundamentals remained weak: "It is going to be very difficult to maintain higher prices." | Daniel Ang, an analyst with Phillip Futures in Singapore, said oil fundamentals remained weak: "It is going to be very difficult to maintain higher prices." |
| "Wherever you look - China, oil and the US, there is no clear evidence of improvement in economic fundamentals," said Tatsushi Maeno, managing director at PineBridge Investments. | "Wherever you look - China, oil and the US, there is no clear evidence of improvement in economic fundamentals," said Tatsushi Maeno, managing director at PineBridge Investments. |
| 'Series of slumps' | 'Series of slumps' |
| Commenting on the Shanghai slide, Kaiyuan Securities analyst Yang Hai said: "We've seen another stampede driven by panic." | Commenting on the Shanghai slide, Kaiyuan Securities analyst Yang Hai said: "We've seen another stampede driven by panic." |
| Rabobank's Michael Every said: "It's just another in a long series of slumps that we have seen in this market, and it's not the last we will see either because the market is still overpriced. And too many people want to get their money out - it's been a bubble since it began last summer." | Rabobank's Michael Every said: "It's just another in a long series of slumps that we have seen in this market, and it's not the last we will see either because the market is still overpriced. And too many people want to get their money out - it's been a bubble since it began last summer." |
| He expected Shanghai, China's top mainland stock market, to fall a further 10% before stabilising. | He expected Shanghai, China's top mainland stock market, to fall a further 10% before stabilising. |
| The index has already fallen about 17% this year. | The index has already fallen about 17% this year. |
| On the FTSE 100, among the top risers were Randgold Resources and Fresnillo. | |
| Gold rallied to its highest level since November at $1,112.86 an ounce. The safe-haven commodity has risen nearly 5% this year, after sliding more than 10% in 2015. | Gold rallied to its highest level since November at $1,112.86 an ounce. The safe-haven commodity has risen nearly 5% this year, after sliding more than 10% in 2015. |
| The US Federal Reserve's rate-setting committee starts a two-day policy meeting on Tuesday and is not expected to make any change. | The US Federal Reserve's rate-setting committee starts a two-day policy meeting on Tuesday and is not expected to make any change. |
| Yuan warning | |
| Meanwhile, Chinese state media have warned billionaire investor George Soros against betting on falls in the yuan or the Hong Kong dollar. | |
| Soros, who made more than $1bn from shorting sterling in 1992, has said he was betting against the S&P 500, commodity-producing countries and Asian currencies, although he has not specifically mentioned the yuan or Hong Kong dollar. | |
| China's central bank has been making plenty of liquidity available to the banking system to avoid any cash squeeze ahead of the long Lunar New Year holiday early next month. | |
| Traders said that the bank would inject 440bn yuan (£46bn) into the money markets, the biggest daily injection in three years. |