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European and Asian markets rally European and Asian markets rally
(about 1 hour later)
Asian and European stock markets regained some ground on Tuesday following five days of losses.Asian and European stock markets regained some ground on Tuesday following five days of losses.
London's FTSE 100 index rose slightly in early morning trading, climbing 22.2 points to 6,079.9 in the first half hour of trading.London's FTSE 100 index rose slightly in early morning trading, climbing 22.2 points to 6,079.9 in the first half hour of trading.
Other European markets also opened slightly higher.Other European markets also opened slightly higher.
Japan's Nikkei index, which had lost 8% of its value in the past five sessions, climbed 1.2%, while the Bombay Stock Exchange put on more than 2%.Japan's Nikkei index, which had lost 8% of its value in the past five sessions, climbed 1.2%, while the Bombay Stock Exchange put on more than 2%.
The Nikkei index closed up 202.25 points at 16,844.5 as the yen slid against the dollar - boosting companies such as Toyota that bring a lot of currency in from overseas sales. The Nikkei index closed up 202.25 points at 16,844.5 as the yen slid against the dollar - boosting companies such as Toyota which rely on overseas sales for much of their revenue. that bring a lot of currency in from overseas sales.
Hong Kong's Hang Seng index climbed 1.6%, while the main indexes in Australia and China put on 2%.Hong Kong's Hang Seng index climbed 1.6%, while the main indexes in Australia and China put on 2%.
Markets in Malaysia, South Korea, Taiwan, Singapore and Indonesia were all 1% higher.Markets in Malaysia, South Korea, Taiwan, Singapore and Indonesia were all 1% higher.
The price of oil also rallied slightly, edging up above $60 a barrel.The price of oil also rallied slightly, edging up above $60 a barrel.
Overvalued?Overvalued?
On Monday, the US Dow Jones index was positive for most of the day, but fell towards the end of the session to close down 63.7 points at 12,050.4.On Monday, the US Dow Jones index was positive for most of the day, but fell towards the end of the session to close down 63.7 points at 12,050.4.
Elsewhere on Wall Street, the technology-laden Nasdaq index closed down 1.1% at 2,340.7, while the S&P 500 index ended 0.9% lower at 1,374.12.Elsewhere on Wall Street, the technology-laden Nasdaq index closed down 1.1% at 2,340.7, while the S&P 500 index ended 0.9% lower at 1,374.12.
European and Asian market equity markets have suffered heavy losses in recent days after investors dumped stocks because of concerns they were overvalued and that economic growth could slow. European and Asian market equity markets have suffered heavy losses in recent days, after investors dumped stocks amid concerns that they were overvalued and that economic growth could slow.
The current stock slump was triggered last week by the biggest drop on China's market in a decade.The current stock slump was triggered last week by the biggest drop on China's market in a decade.
That fed into fears about the state of the US economy at a time when many investors were questioning whether share prices had risen too far too quickly. That fed into fears about the state of the US economy, at a time when many investors were questioning whether share prices had risen too far too quickly.
Many of the world's top indexes and shares had climbed to levels not seen since the dotcom bubble burst in 2000.Many of the world's top indexes and shares had climbed to levels not seen since the dotcom bubble burst in 2000.