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		</div><p>Global market panic showed fragile signs of easing as Asian markets opened a day after £52bn was wiped from the FTSE and exchanges tumbled around the world.</p>
<p>Trading floors in China, Hong Kong, Japan and South Korea showed glimmers of improvement following fears of a ’bear market’ – a run on shares fuelled by trader worries – taking hold across the Far East, although gains fell short of recovering losses seen on Wednesday.</p>
<p>The Nikkei 225 in Tokyo rose 0.8% and Hong Kong’s Hang Seng increased 0.4% a day after the indexes suffered a drop of nearly 4% each.</p>
<p>China’s Shanghai Composite rose 0.5% while South Korea’s Kospi gained 0.7% on early trading and Australia’s S&#038;P/ASX 200 gained 1.1%.</p>
<p>Markets in Taiwan and Southeast Asia also increased, although the improvements were met with caution by analysts who warned such rallies can be symptomatic of broader downward trends.</p>
<p>Bernard Aw, a market strategist at IG in Singapore, said: “As disciples of technical analysts know very well, a down trend is typically marked by periods of rebounds.”</p>
<p>Collapsing oil prices sent the UK market close to four-year lows on Wednesday as the FTSE 100 Index fell more than 3%, or 203.2 points, to 5673.6.</p>
<p>The price of Brent Crude dipped below 27.50 US dollars a barrel, the market’s lowest level since November 2012.</p>
<p>Oil prices have collapsed by more than 70% since their peak of around 115 US dollars a barrel in summer 2014, as large producers such as Saudi Arabia maintain production levels, putting US shale rivals under pressure.</p>
<p>Global markets also slumped with New York’s Dow Jones Industrial Average falling more than 2% in early trading, while Germany’s Dax and the Cac 40 in France were around 3% lower.</p>
<p>Fears of a major rout in the US were allayed after a late recovery, although the Dow Jones still closed down 1.6%, or 249.28 points to its lowest level since August.</p>
<p>The Nasdaq showed brief signs of resilience after turning positive in the afternoon, but lost gains to close down 5.26 points, or 0.1%, last seen in October 2014.</p>
<p>The London market has seen over £160 billion wiped off the value of top flight shares in the first three weeks of the year due to slowing growth in China and falling oil prices.</p>
<p>Michael Hewson, chief market analyst at broker CMC Markets, said: “Few stocks were spared today as European equity markets plunged sharply today with the FTSE100 hitting levels last seen in November 2012, and tipping into bear market territory.”</p>
<p>Bank of England governor Mark Carney said on Tuesday that policymakers were in no rush to raise interest rates amid a weakened world economy and slowing UK growth.</p>
<p>The International Monetary Fund (IMF) said on Tuesday that easing growth in China and rising geopolitical tensions led it to cut global growth forecasts for the next two years.</p>
<p>In its latest World Economic Outlook, the IMF predicted world growth of 3.4% this year followed by 3.6% in 2017.<br />
This is a cut in growth of 0.2% in each year from when the fund published its last forecasts in October.</p>
<p>Oil giant Shell fell almost 7% after it said it expects full-year underlying earnings to tumble to between $10.4bn and $10.7bn, due to falling oil prices.</p>
<p>The group is weeks away from completing a $55bn deal to buy gas giant BG Group.<br />
Rival oil major BP fell more than 4%.</p>
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