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European, Asian Markets Edge Up After Dive

Posted Sep 30, 08 3:50 AM CDT in World Business 

(Newser) – Europe markets edged back up after an early drop today as the failure of the US bailout package continued to sap confidence worldwide, Bloomberg reports. Asia's markets went into freefall on opening this morning but gradually recouped some losses on hopes of a fresh deal. The Nikkei index was down nearly 5% before closing 4.12% lower, Reuters reports, while Hong Kong's closed up almost 1%.

London's stock market dived 2.7% on opening, while US futures were up 1%. On top of the US bailout mess, bailouts of financial institutions in Britain, the Benelux nations, Germany, and Iceland further shook confidence yesterday, with more European lenders expected to topple soon. Experts say the world's markets are likely to see-saw for several days more as the world looks to Wall Street.
Sources:: Bloomberg, Reuters, Wall Street Journal

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A trader contemplates as the electronic board shows figures in color red during trading at the Philippine Stock Exchange Tuesday, Sept. 30, 2008 in Manila's financial district of Makati. .   (AP Photo/Pat Roque)
The board is pictured at the New Zealand Stock Exchange at Auckland, New Zealand, Tuesday, Sept. 30, 2008.   (AP Photo/New Zealand Herald, Richard Robinson)
People look at the updated stock prices in downtown Tokyo Tuesday, Sept. 30, 2008.   (AP Photo/Koji Sasahara)
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All of us, wherever we are, in whatever part of the world, need to do what is right in order to maintain stability and get through a period which quite frankly we have never seen the like of for a generation. - British Chancellor Alistair Darling

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