World stocks fell
for the fifth straight day on Tuesday, anchored near their lowest level
in over two years with investors rattled by the slump in oil prices and
a surge in offshore Chinese yuan deposit rates.
European
stocks, however, recovered from early weakness thanks to a rally in the
retail sector. British companies in particular posted strong seasonal
updates, lifting the FTSEuroFirst 300 .FTEU3 up from a three-month low.
Earlier, the People's Bank of China forced up overnight deposit rates in Hong Kong to 66.8 percent to ease the heavy downward pressure on the yuan, analysts said, an indication of the drastic measures required to cool Chinese market volatility.
As oil slid closer to falling below $30 a barrel for the first time in 12 years, deflation-wary investors in Asia shunned equities and pushed the value of the safe-haven Japanese yen.
At 0900 GMT (4 a.m. ET) the FTSEuroFirst 300 was up 0.6 percent at 1,342 points, only its second rise this year. Britain's FTSE 100 .FTSE was up 0.5 percent up, Germany's DAX .GDAXI was up 1.1 percent and France's CAC 40 .FCHI rose 0.8 percent.
Shares in Morrison's (MRW.L) surged 12 percent, Debenhams (DEB.L) climbed 15 percent, and Tesco (TSCO.L) rose 5 percent.
Japan's Nikkei closed 2.7 lower at its lowest level in almost a year .N225, while U.S. futures pointed to a fall of around 0.3 percent at the open on Wall Street ESc1.
Earlier, the People's Bank of China forced up overnight deposit rates in Hong Kong to 66.8 percent to ease the heavy downward pressure on the yuan, analysts said, an indication of the drastic measures required to cool Chinese market volatility.
As oil slid closer to falling below $30 a barrel for the first time in 12 years, deflation-wary investors in Asia shunned equities and pushed the value of the safe-haven Japanese yen.
At 0900 GMT (4 a.m. ET) the FTSEuroFirst 300 was up 0.6 percent at 1,342 points, only its second rise this year. Britain's FTSE 100 .FTSE was up 0.5 percent up, Germany's DAX .GDAXI was up 1.1 percent and France's CAC 40 .FCHI rose 0.8 percent.
Shares in Morrison's (MRW.L) surged 12 percent, Debenhams (DEB.L) climbed 15 percent, and Tesco (TSCO.L) rose 5 percent.
Japan's Nikkei closed 2.7 lower at its lowest level in almost a year .N225, while U.S. futures pointed to a fall of around 0.3 percent at the open on Wall Street ESc1.
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