US recovery sparks global gains

After shares in the US staged a recovery in the last hour of trading,markets in Asia gained, to erase some of their week's losses. The Standard & Poor's 500 Index closed 6.9 per cent higher yesterday, after a rebound in oil prices pushed up the price of energy stocks. In Asia the MSCI Asia Pacific Index added 1.2 per cent after a three-day slump of nearly nine per cent, with Tokyo's Nikkei 225 Index putting on 2.8 per cent and China's CSI 300 Index gaining 1.8 per cent. Miners and steelmakers moved ahead and in the UK the FTSE 100 reacted with athree per centgain in early trading.