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European markets look for rebound European markets in renewed dip
(30 minutes later)
European markets will be looking to rebound on Friday, after a late rally on Wall Street saw stocks recover. European markets are continuing to fall on Friday after Tokyo shares extended their losses in late trading.
It comes the day after London's FTSE 100 fell 4.1%, cutting almost £60bn off the value of Britain's top companies. In early trading, the FTSE 100 fell 0.3%, Frankfurt's Dax fell 0.8% and the Cac 40 in Paris was down 0.7%.
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. Only a dramatic recovery on Wall Street prevented further falls - the Dow Jones clawed back more than 300 points of its losses in the last hour of trading.
But there were more falls in Asia, as the Bank of Japan pumped funds into the banking system for a second day.But there were more falls in Asia, as the Bank of Japan pumped funds into the banking system for a second day.
It comes the day after London's FTSE 100 fell 4.1%, cutting almost £60bn off the value of Britain's top companies.
Tokyo's Nikkei 225 closed down 5.4% or 874.8 points at 15,273.7.Tokyo's Nikkei 225 closed down 5.4% or 874.8 points at 15,273.7.
It was the index's biggest points decline since April 2000, taking the Nikkei to its lowest level for a year.It was the index's biggest points decline since April 2000, taking the Nikkei to its lowest level for a year.
By 0730 BST 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.
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.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.There was also talk that the Federal Reserve could cut interest rates to help support the troubled housing market.