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European markets fall in early trades

European markets have made early losses on Thursday after making strong gains yesterday after central banks across the world announced a co-ordinated programme to improve financial liquidity.

At 9.39, the FTSE was down by 0.2 per cent to stand at 5495.81, while the German Dax and the French Cac 40 were both down by almost 1 per cent

All Europe’s leading markets jumped markedly on Wednesday on the announcement, which will see the central banks make it cheaper for commercial banks to buy US dollars, as well as making sure they have access to funds when needed.

The US Federal Reserve, the European Central Bank, the Bank of England and the central banks of Canada, Japan and Switzerland are all involved in the initiative which is set to start on December 5.

In the US, the Dow Jones was up 4.2 per cent at close.

Asian markets also bounced overnight on the news, with further impetus added by the announcement that China said it would free up money for its bank to lend as fears were raised that a lack of funds would hit global growth.

Japan’s Nikkei index closed up 1.9 per cent, while South Korea’s Kospi ended the day 3.7 per cent higher. In Hong Kong, the Hang Seng ended the day up 5.6 per cent.

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