Modest gains for FTSE as world markets calm

World markets showed signs of stabilising today after the bloodbath that wiped £35bn (€50.94bn) from the value of leading shares in London last night.

The FTSE 100 Index stood 68.9 points higher at 5631.8 in the first hour of business, recovering around half of the losses of yesterday when investors ran for cover in the wake of interest rate rises by a number of central banks.