European markets are rising on Tuesday morning, recovering from the huge crash on Monday when horrible economic data out of China sent markets into a panic.
Intervention by the Chinese government in stock markets on Tuesday seems to have calmed European investors and all the major European indices have seen gains this morning.
In the UK, the FTSE 100 opened more than 1.3% higher — 80 points — and pushed backed above the 6,100 mark. The index shut below that mark yesterday, after the worst opening day of the year since 2000 for British stocks.
Since the open, the FTSE has tempered its gains a little, and as of 8:20 a.m. GMT (3:20 a.m ET), the index is hovering just below 1% gains. Tesco is the biggest single gainer so far. Here’s what the FTSE looks like:
Elsewhere in Europe, the other major borses have also started to recover from Monday’s rout. Here’s how it looks:
- German DAX: +0.85%
- French CAC40: +1%
- Italian FTSE MIB: +0.7%
- Eurostoxx 50: +0.56%
Day one of 2016 was a disaster for the markets, but day two looks like it will be a bit kinder.