FTSE claws back losses after Irish banks stress test

The FTSE 100 opened higher this morning as the index began clawing back yesterday's losses as the Irish banking stress tests pushed investors to sell.

The index leapt 0.69% to 5,949.72 with investors keeping a close eye on the US nonfarm payroll employment date due out this afternoon.

Elsewhere in Europe the German Dax was up 0.93% to 7,106 and French Cac rose 0.73% to 4,018.

Overnight in the US the Dow Jones slipped 0.25% to 12,320 but still managed to post its best quarter since 1998, finishing 6.4% up for the first three months of the year.

On the commodities front, oil traded near a 30-month high amid signs the global economic recovery is strengthening.

Crude oil for May delivery rose as much as 93 cents to $107.65 a barrel.

Meanwhile, in Asia the Nikkei fell 0.5% to 9,708 with the index running out of steam after advancing to a two-week high in the previous session.

The Japanese yen continued to weaken against the dollar for the seventh consecutive session, to 83.56, the longest stretch since July 2005.