Europe's leading stock markets closed higher this evening, reversing earlier losses driven by a shock debt announcement in Dubai which alarmed markets worldwide.
London's FTSE closed 1% higher at 5,246, with Royal Bank of Scotland jumping 5.2% to 34p and mining shares recovering. Frankfurt's DAX rose 1.3% to 5,686 and in Paris the CAC gained 1.2% to close at 3,721.
In Dublin, the ISEQ ended 54 points (1.9%) higher at 2,846, with banks winning back a little ground. AIB added 2.5% to €1.64. Airline shares gained as oil prices fell, with Aer Lingus up 3.8% to 55 cent and Ryanair 3.6% higher at €2.84.
Wall Street was closed on Thursday for the Thanksgiving Day holiday when Asian and European markets tumbled on the Dubai news. This evening - in a half-day session - the Dow Jones closed down 154 points (1.5%) at 10,311, while the Nasdaq slid 37 points (1.7%) to 2,140.
Earlier, Asian indices suffered massive falls, with Hong Kong's Hang Seng index slumping almost 5% to 21,135 by the close. Tokyo's Nikkei index dived 3.2% to close at 9,082.
