International markets roundup

A roundup of trading on major world markets:

NEW YORK - US shares have put on a solid rally with investors piling back into blue chips and especially tech stocks as a Federal Reserve report depicted steady US economic growth.

While worries over China's economy persist - and the market did not make up Tuesday's three per cent plunge - Wall Street investors appeared to decide that the selloff had gone too far.

The Dow Jones Industrial Average finished up 293.03 points (1.82 per cent) at 16,351.38 on Wednesday.

The broader S&P 500 gained 35.01 (1.83 per cent) at 1,948.86, while the Nasdaq Composite added 113.87 (2.46 per cent) at 4,749.98.

LONDON - European stocks have rebounded after steep losses the previous day, despite renewed concerns about China's slowing growth.

London's FTSE 100 index of leading stocks finished 0.41 per cent higher at 6,083.31 points after spending much of the day in negative territory.

The CAC 40 in Paris rose by 0.30 per cent to 4,55.92 points, while Frankfurt's DAX 30 added 0.32 per cent to 10,048.05 points.

All three indices suffered losses of nearly three per cent on Tuesday as investors reacted to further evidence of China's economic slowdown.

HONG KONG - Following hefty early losses, some Asian bourses reversed direction to close in positive territory, as concerns over the worldwide outlook keep investors on edge.

Tokyo saw some of the worst turbulence, opening sharply lower only to rally at mid-session and close down 0.39 per cent.

Shanghai plunged 4.39 per cent at the start of the day, jumped into positive territory by lunch, but ended 0.20 per cent lower. Analysts said the heavy losses were largely erased thanks to government support ahead of a two-day World War II remembrance holiday.

In Sydney, where several companies with close ties to China are listed, the main index spent most of the session in the red before a late rally pushed it just 0.1 per cent higher.

WELLINGTON - The S&P/NZX 50 Index dropped 64.79 points, or 1.1 per cent, to 5590.2.


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