The FTSE 100 opened higher this morning after a sharp fall yesterday on news Japan had been hit by a second earthquake.
London’s leading share index rebounded 0.65% or almost 40 points to 6,047, while the FTSE 250 was up 0.37% and the All Share up 0.66% in early trading.
Miners led the winners, with more than a 2% rise from Talvivaara Mining Company, and strong gains from Fresnillo, Antofagasta and Kazakhmys. Mining giant Vedanta produced record volumes of metals in the fourth quarter as it sought to benefit from soaring commodity prices.
Among the fallers were energy companies, with Gulf Keystone Petroleum, Indus Gas and New Britain Palm Oil all dropping in morning trade.
City traders had expected the top share index to pile on 40 points or so to last night's closing value of 6,007.
In Europe, the Cac 40 climbed 0.84% this morning, while the DJ Euro Stoxx 50 was up 0.68%. Yesterday global markets wobbled on news a second earthquake with a magnitude of 7.4 struck off the east coast of Honshu, triggering a tsunami warning for the north east.
The FTSE closed down 0.56% to 6,007, while the major stock markets in the US fell 0.5% before regaining some ground.
The S&P 500 closed 0.15% or two points down at 1,333.5, while the Dow Jones closed 0.14% lower and the Nasdaq was down 0.13%.
White House and Congress officials worked through the night to break a budget deadlock in a bid to avoid a government shutdown, after President Barack Obama and congressional leaders failed to reach a deal in late-night talks, Reuters reports.
The yen hit an 11-month low against the euro and neared a six-month trough versus the dollar on concerns Japan's exports may drop following the earthquake.
The euro climbed against the yen and touched a 15-month peak against the dollar, supported by market expectations the European Central Bank will raise interest rates further in coming months, following yesterday’s 25 basis point hike.
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