Europe Stocks Surge
European markets ended sharply higher after Monday's deep declines. In London, the Financial Times-Stock Exchange 100 index gained 134.60 points, or 3.37%, to 4,131.0. The surge was a rebound from oversold conditions, as the market seemed to shrug off reports that the UK job market in July grew at the slowest rate in four months and that industries have scaled back output expectations in most regions.
In Germany, the DAX Index surged 235.99 points, or 7.08%, to 3,568.64. Stock gains were fueled by an asset allocation shift out of bonds and into stocks.
And in France, the CAC 40 was up 169.41 points, or 5.44%, to 3,284.79.
In Asia, the markets finished lower. The Nikkei was down 203.91 points, or 2.10%, to close at 9,501.02. Japan's major stock indices have declined for five consecutive days on prolonged concerns over the bellwether U.S. economy and equity worries after the country's July ISM services index fell to 53.1 from June's 57.2 and the benchmark averages tumbled overnight.
In Hong Kong, the market lost 161.64 points, or 1.64%, to close at 9,700.69.