Global markets see calmer trading after FTSE's £52bn beating

European Stocks Lick Wounds After Mauling, Oil Steady

Global markets pulled out of their nosedive amid calmer trading a day after £52 billion was wiped off the FTSE 100 in London and equities plunged worldwide.

But the bounce back remained fragile as oil prices languished below 28 US dollars a barrel and stock markets in Asia lost early session gains.

London's FTSE 100 Index rose 50.4 points to 5724, clawing back only some of Wednesday's 3% plunge, which saw it close at its lowest level for four years.

Indices also fought back across Europe, with Germany's Dax up 0.5% and the Cac 40 in France 0.6% higher.

Tony Cross, market analyst at Trustnet Direct, warned the rebound may not last as crude prices remain "on the rocks".

"Technically we're already back out of the bear market, but the fundamentals haven't changed overnight - any respite could still prove short-lived," he added.