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| Stock markets recover after slide | |
| (40 minutes later) | |
| Stock markets have shown signs of recovery after a global sell-off on Wednesday, sparked by concerns about the US economy and mortgage industry. | |
| Late closing gains on Wall Street and the falling value of the yen lifted battered Asian and European stocks. | |
| Japan's benchmark Nikkei index, which lost almost 3% on Wednesday, rose 1.1% to end at 16,860.39. | |
| In London, the FTSE 100 was 82.40 points, or 1.37%, higher at 6,083.10 after losing 2.5% the previous day. | |
| France's Cac 40 and Germany's Dax 30 indexes - which both saw heavy losses on Wednesday - were up 1.5% and 1.7% respectively in early trade | |
| China's main stock index - the Shanghai Composite - closed up 1.56%, while Hong Kong's Hang Seng index increased 0.7%. | |
| Market turmoil | Market turmoil |
| Until we get a resolution to the issues that we are seeing in the US sub-prime market, we are likely to see a lot of volatility Simon Doyle, Schroder Investment Management | Until we get a resolution to the issues that we are seeing in the US sub-prime market, we are likely to see a lot of volatility Simon Doyle, Schroder Investment Management |
| "The Nikkei has recouped just half the losses it sustained yesterday," said Yasuo Yabe, director of sales at Tokyo's Meiwa Securities. | "The Nikkei has recouped just half the losses it sustained yesterday," said Yasuo Yabe, director of sales at Tokyo's Meiwa Securities. |
| "Investors are pondering whether sub-prime mortgage problems will have a broader economic impact or not." | "Investors are pondering whether sub-prime mortgage problems will have a broader economic impact or not." |
| Wednesday's round of selling was prompted by concerns over the US sub-prime mortgage market. | Wednesday's round of selling was prompted by concerns over the US sub-prime mortgage market. |
| Sub-prime lenders, who target consumers with poor credit histories, have been hit by an increase in defaults and bad loans. | Sub-prime lenders, who target consumers with poor credit histories, have been hit by an increase in defaults and bad loans. |
| Figures have shown that late mortgage payments and home repossessions in the US are at their highest level since records began. | Figures have shown that late mortgage payments and home repossessions in the US are at their highest level since records began. |
| Overnight, the US Dow Jones index closed 57.44 points, or 0.48%, ahead at 12,133.40. The technology-laden Nasdaq rose 0.9%, while the broader Standard & Poor's 500 index closed 0.7% higher. | |
| However, analysts warned that the stock market turmoil which has swept across global exchanges over the past few weeks may not have fully run its course. | However, analysts warned that the stock market turmoil which has swept across global exchanges over the past few weeks may not have fully run its course. |
| "Until we get a resolution to the issues that we are seeing in the US sub-prime market, and see what impact it is going to have on the global economy, we are likely to see a lot of volatility," said Simon Doyle, head of strategy at Schroder Investment Management in Australia. | "Until we get a resolution to the issues that we are seeing in the US sub-prime market, and see what impact it is going to have on the global economy, we are likely to see a lot of volatility," said Simon Doyle, head of strategy at Schroder Investment Management in Australia. |