European stocks have risen for the fifth day in succession, but gave up most of their earlier gains after Wall Street turned lower.
US markets had opened higher after last night's news that Bank of America had agreed to invest $2 billion in troubled US mortgage giant Countrywide, but this evening the Dow Jones was down 0.2% at 13,208 and the Nasdaq was off 0.6% at 2,537. This came after news that the Federal Reserve had injected more money into markets to ease a credit squeeze.
In Europe, Paris and Frankfurt closed just 0.1% higher, while London's FTSE closed virtually unchanged at 6,197, helped by a 4% gain to 766p for lender Northern Rock, amid takeover speculation.
Dublin's ISEQ fared better, gaining 41 points to 8,352. Elan gained 66 cent to €13.74, while software group Datalex jumped nine to 85 cent after reporting strong first-half sales growth. But Aer Lingus dropped eight to €2.40.
Japanese share prices soared by almost 3% this morning, gaining 416 points to 16,316.
