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European markets look for rebound European markets look for rebound
(20 minutes later)
European markets will be looking to rebound on Friday, after a late rally on Wall Street saw stocks recover.European markets will be looking to rebound on Friday, after a late rally on Wall Street saw stocks recover.
It comes the day after London's FTSE 100 fell 4.1%, cutting almost £60bn off the value of Britain's top companies.
There was a dramatic recovery on Wall Street, where the Dow Jones clawed back more than 300 points of its losses in the last hour of trading.There was a dramatic recovery on Wall Street, where the Dow Jones clawed back more than 300 points of its losses in the last hour of trading.
Shares were helped by talk that there may be a Federal Reserve rate cut soon. But there were more falls in Asia, as the Bank of Japan pumped funds into the banking system for a second day.
However there were more sharp falls in Asia, as the Bank of Japan pumped funds into the banking system for a second day to ease fears of a credit crunch. Tokyo's Nikkei 225 closed down 5.4% or 874.8 points at 15,273.7.
By 0630 BST, Tokyo's Nikkei 225 was down 4.2% or 674.3 points at 15,474.15. It was the index's biggest points decline since April 2000, taking the Nikkei to its lowest level for a year.
Hong Kong's Hang Seng was down 3.3% or 688.8 points at 19983.6. By 0730 BST Hong Kong's Hang Seng was down 3.3% or 688.8 points at 19983.6.
Central banks interveneCentral banks intervene
The Bank of Japan injected 1.2 trillion yen ($10.7 billion; £5.4bn) into money markets, which was its third intervention of the week.The Bank of Japan injected 1.2 trillion yen ($10.7 billion; £5.4bn) into money markets, which was its third intervention of the week.
Japanese investors are worried that a slowdown in the US economy will hit exports from Asia.Japanese investors are worried that a slowdown in the US economy will hit exports from Asia.
There is also speculation that the Bank of Japan could raise interest rates next week, despite the problems on the market.There is also speculation that the Bank of Japan could raise interest rates next week, despite the problems on the market.
Elsewhere, the Australian central bank intervened to support its currency for the first time for six years.Elsewhere, the Australian central bank intervened to support its currency for the first time for six years.
The Australian dollar was facing its biggest one day fall against the US dollar since it was allowed to trade freely in 1983.The Australian dollar was facing its biggest one day fall against the US dollar since it was allowed to trade freely in 1983.
Meanwhile in the US there were also rumours that Bear Stearns, which is heavily exposed to the troubled mortgage sector, could get funding from a Chinese bank. US shares were helped by rumours that Bear Stearns, which is heavily exposed to the troubled mortgage sector, could get funding from a Chinese bank.
There was also talk that the Federal Reserve could cut interest rates to help support the troubled housing market.