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European markets cut losses as oil price rises above $30 Stock markets rally as oil rises above $31 a barrel
(about 3 hours later)
European markets have cut their losses after oil rose back above $30 a barrel, despite another slide in Asia on Tuesday. European markets turned positive on Tuesday afternoon after Wall Street opened higher on hopes for a deal to tackle the global oil glut.
The FTSE 100 in London was down 0.5% at 5,847.5 points, with declines of about 0.4% in both Frankfurt and Paris. The FTSE 100 in London rose 0.5% to 5,907 points, while Frankfurt and Paris both added more than 1%.
Shanghai tumbled 6.4% to its lowest close since December 2014, while the Hang Seng in Hong Kong fell 2.4%. Europe had followed Asia lower after Shanghai tumbled 6.4% to its lowest close since December 2014.
Brent crude rose 1.2% to $30.87 a barrel, reversing earlier falls, while US oil was up 1% at $30.63. Brent crude jumped 3% to $31.41 a barrel, reversing earlier falls, while US oil was up 2.4% at $31.07.
Share markets have made the rockiest start to the year in recent memory as worries over the economic strength of China- considered for years the engine of world economic growth - have intensified. Oil made gains on hopes that both Opec and non-Opec producers would take action to tackle oversupply.
Other investment prices have been buffeted by falling confidence. Share markets have had a rocky start to the year as worries over slowing economic growth in China have intensified, while commodity prices have also been buffeted.
Although the country is still growing the pace is slowing, and as demand for key industrial products such as oil and iron ore slips back, so do their prices. Although China's economy is still expanding, the pace of growth is slowing, reducing demand for products such as coal and iron ore and thus their prices.
'No improvement''No improvement'
Oil prices were hit again 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.Oil prices were hit again 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 demand remained weak: "It is going to be very difficult to maintain higher prices."Daniel Ang, an analyst with Phillip Futures in Singapore, said demand 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. On the FTSE 100, the top risers were all miners, including Anglo American, Glencore and Randgold Resources.
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, up 1% at $1,114.70 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 warningYuan warning
Meanwhile, Chinese state media have warned billionaire investor George Soros against betting on falls in the yuan or the Hong Kong dollar.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.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.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.Traders said that the bank would inject 440bn yuan (£46bn) into the money markets, the biggest daily injection in three years.