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Markets up some 1% in new recovery

Stocks - World markets making recovery
Stocks - World markets making recovery

Europe's main stock markets recovered further this morning, lifted by a strong rebound for Asian share prices.

The growing confidence follows recent turmoil caused by nervousness in the US housing market.

In Dublin, the ISEQ gained slightly and London's FTSE also had a slight increase.

On Friday, the US Federal Reserve slashed a key US bank lending rate to help counter the credit market turmoil. The surprise move sparked a rebound on Wall Street and European markets.

This morning, most European markets were more than 1% ahead after strong gains last Friday.

In Hong Kong stocks were up 6% and 5% in Sydney.

Earlier, Tokyo's Nikkei index closed up 3% at 15,732, its biggest daily percentage rise since March 2002, and recovering from its biggest one-day fall in nearly six years on Friday.

Also on Friday, the Dow Jones closed up 1.8% at 13,079.