S&P 500

UK markets began the session strongly, with the blue chip index putting on more than 1% initially, ahead of key jobs data from the US.

The Dow Jones Industrial Average rose by almost 500 points overnight as US indices jumped following news of co-ordinated central bank action to ease liquidity concerns.

The FTSE 100 has moved 3% higher after the world's major central banks announced a move to boost liquidity within the financial system.

A dire German bond auction rocked markets overnight, with Japan's Nikkei index hitting its lowest level since April 2009 as fears deepened over the eurozone crisis.

3.10pm: US markets have shrugged off poor third-quarter GDP results with trading muted early in the session.

Asian stocks fell overnight alongside US indices after a congressional committee in the States charged with reducing the nation's deficit failed on Monday to agree on cuts.

US shares plunged at opening ahead of an expected announcement politicians have failed to agree a deal to cut the US' sprawling budget deficit.

Global markets were spooked by Spanish bond yields spiking to near-critical levels, with many indices posting losses of more than 1% overnight, and the FTSE 100 opening 1% lower this morning.

Update: European shares fell today - mirroring overnight losses in Asia and the US - on continued concerns about the eurozone debt crisis, with German Chancellor Angela Merkel saying Europe faces its "hardest hour" since World War II.

Markets across Europe recovered from early losses on Thursday despite a new warning from the EU Commission that the eurozone may fall into recession next year.