European, Asian Markets Edge Up After Dive

US economic illness goes viral
By Rob Quinn,  Newser Staff
Posted Sep 30, 2008 3:50 AM CDT
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)
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(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.