European markets moved ahead on Tuesday - a day after a huge sell-off in global stocks driven by a lack of confidence in financial institutions.
London's FTSE 100 lost some early gains but was still 0.5% ahead, having shed 7.8% in the previous session.
France's leading shares moved 1.4% higher.
But European banking stocks were coming under pressure with Royal Bank of Scotland (RBS)losing 30%.
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Japan's Nikkei sank more than 5% - below the 10,000-point barrier - before recovering slightly to close 3% down.
Australia's financial markets rallied after the country's central bank cut its official interest rate from 7% to 6%.
'Recession arrived'
The market moves came amid developments including:
- The British Chamber of Commerce saying that the UK was already in recession
- The BBC's business editor Robert Peston learning that a trio of leading UK banks had met with Chancellor Alistair Darling and told him they were disappointed he had not presented a fully elaborated banking rescue plan
- Australia's central bank trimming interest rates from 7% to 6% - despite inflation being well ahead of government targets
- Moscow's two main stock exchanges saying the would remain closed on Tuesday morning. Both had suffered heavy losses on Monday.
- European Union finance ministers preparing to meet in Luxembourg for emergency talks on the world's financial meltdown
In London, the FTSE 100 index was up 25 points at 4,613, after much of its early gains evaporated.
Its 391-point drop on Monday had wiped Ј93bn from the value of London's leading shares.
France's Cac-40 index, which lost more than 9% in the previous session, added 51 points to 3,764 while Germany's Dax-30 gained 1.8% to 5,437.
The Nikkei index lost 317.2 points to end at 10,155, while Hong Kong's Hang Seng index was 5% lower in afternoon trading.
On Wall Street on Monday, the Dow Jones recovered from being more than 800 points down to end 370 points lower at 9,955.5 points - its first sub-10,000 finish since 2004.
(BBC)
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