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| - European and US stocks and oil prices recovered Friday on US stimulus hopes, after Asian equities experienced wild swings, with traders closing out a week of carnage for world markets as the coronavirus pandemic fuels fears of a global recession. The Dow shot 5.8 percent higher at the opening bell, having dived 10 percent Thursday, its worst session since 1987. In Europe, London surged 7.3 percent, Frankfurt rallied 6.9 percent, Paris soared 8.0 percent, Milan won a massive 15.2 percent and Madrid recovered 9.0 percent. The turn in sentiment was triggered by several reasons, according to market analyst Patrick J. O'Hare. "The scope of yesterday's selling viewed by some as the type of panicky selling that tends to be answered with a snapback rally," he said. The Paris CAC 40 dived more than 12 percent Thursday to record its biggest one-day loss since the index was created at the end of 1987. London's FTSE 100 and the Frankfurt DAX 30 indices meanwhile had their biggest one-day drops since the late 1980s, with losses of around 10-12 percent. O'Hare said that hopes have also risen for a better US fiscal response on reports that the White House and Congress are close to a deal. Berlin also unveiled a 550-billion-euro fiscal package and promised "unlimited" credit to companies hit by the coronavirus pandemic. And central banks have pumped money into the finacial system to ensure that credit keeps flowing. Despite Friday's turnaround, Europe's main stock markets are still down considerably, with London 13 percent lower. Asian markets ended the day mostly lower. Tokyo, which fell as much as 10 percent at one point Friday, ended down 6.1 percent, while Hong Kong shed 1.1-percent lower having plunged around seven percent earlier in the session. But Sydney won 4.4 percent. The volatility gripping markets has wiped trillions of dollars off the globe's combined company valuations in just a few weeks. "Despite continued uncertainty over the coronavirus spread, some market players with more optimistic outlooks will see current levels as good buying opportunities for medium and long term plays," said Nick Twidale, at IC Markets. Still, trading floors remain nervous places following a virtual implosion worldwide. "In mere weeks, the market has shifted gears from a transitory health scare to a full-blown global recession," said AxiCorp market strategist Stephen Innes. "Global supply chains are no longer just 'disrupted' but are now in the process of shutting down completely," he added. Oil prices, which have also been ravaged this week, were up more than four percent on Friday. Markets have been shaken by an oil price war between Saudi Arabia and Russia, compounded by fears that travel restrictions will further dampen energy demand. The price of Brent crude is now down by nearly 50 percent from the start of the year and by a third from the start of the month. On currency markets Friday, the dollar hit a record-high against the Indian rupee. The greenback fought back also against the yen despite the Japanese unit's haven position. "Most worryingly, US bond yields rose... when really the situation was ripe for a mass stampede to the US Treasury market driving down yields," said Jeffrey Halley, senior market analyst at OANDA. "That suggests two things: One, credit is tightening -- a gruesome scenario for business. Two, investors are now moving to the ultimate haven -- hoarding cash in boxes under the bed." London - FTSE 100: UP 7.3 percent at 5,619.19 points Frankfurt - DAX 30: UP 6.9 percent at 9,790.60 Paris - CAC 40: UP 8.0 percent at 4,368.77 Milan - FTSE MIB: UP 15.2 percent at 17,153.95 EURO STOXX 50: UP 7.6 percent at 2,738.34 New York - Dow: UP 5.8 percent at 22,428.73 Tokyo - Nikkei 225: DOWN 6.1 percent at 17,431.05 (close) Hong Kong - Hang Seng: DOWN 1.1 percent at 24,032.91 (close) Shanghai - Composite: DOWN 1.2 percent at 2,887.43 (close) Dollar/yen: UP at 107.07 yen from 104.79 yen at 2100 GMT Euro/dollar: DOWN at $1.1113 from $1.1179 Pound/dollar: DOWN at $1.2459 from $1.2557 Euro/pound: UP at 89.07 pence from 88.96 pence Brent North Sea crude: UP 4.0 percent at $34.54 per barrel West Texas Intermediate: UP 4.5 percent at $32.91 per barrel burs-rl/jh
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