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Shares stabilise after big falls
23 September 2011 Last updated at 03:32 ET
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Market Data
Last Updated at 03:45 ET
| Market index | Current value | Trend | Variation | % variation |
|---|---|---|---|---|
| Dow Jones | 10733.83 | Down | -391.01 | -3.51% |
| Nasdaq | 2455.67 | Down | -82.52 | -3.25% |
| S&P 500 | 1129.56 | Down | -37.20 | -3.19% |
| FTSE 100 | 5043.19 | Up | 1.58 | 0.03% |
| Dax | 5190.47 | Up | 26.26 | 0.51% |
| BBC Global 30 | 5213.43 | Down | -16.22 | -0.31% |
European shares have stabilised following sharp falls on Thursday.
The main indexes in the UK, France and Germany were all up between 0.5% and 1% in early trading, after falling by about 5% in the previous session.
The G20 tried to reassure markets by declaring it was ready to take action to stabilise markets, which have continued their volatility this week.
Thursday’s slump was sparked by a Federal Reserve warning on Wednesday about the outlook for the US economy.
Gloomy comments about weak global growth from the International Monetary Fund (IMF) and the World Bank knocked sentiment further.
On Thursday, IMF head Christine Lagarde said the global economic situation was entering a “dangerous place”.
World Bank president Robert Zoellick said separately he thought the world was in a “danger zone”.
‘Bold action’
These comments, following the Fed’s warning about “serious downside risks” to the US economy, helped to push global markets sharply lower.
Overnight, Asian shares fell sharply, with South Korea’s main Kospi index slumping 5.7% and Australia’s ASX losing 1.6%. Japan’s Nikkei was closed for a holiday.
On Thursday, the main European indexes fell about 5%, while in the US the Dow Jones closed down 3.5%.
These falls sparked the G20 to announce it would unveil a “bold action plan” at the beginning of November.
“Markets work on a second by second basis, while politicians seem to be working to a monthly calendar,” Jeremy Stretch from CIBC told the BBC.
He highlighted the “drip feed effect” of this week’s IMF downgrade of global growth, the Fed’s warning, the further comments from both the IMF and World Bank and Thursday’s weak figures on eurozone private sector growth as undermining investors’ confidence even further.
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