S&P 500

US markets have surged this afternoon after unexpected positive German data and a drop in Spanish borrowing costs provided some respite from the ongoing eurozone debt crisis.

Shares on South Korea's main index rose nearly 1% overnight, having sold off sharply on the day of North Korean leader Kim Jong Il's death.

The FTSE 100 is down 1.2% and US markets have also opened lower as investors' hopes for a positive outcome from Friday's EU summit begin to dwindle.

European stock markets opened higher this morning ahead of a crucial eurozone meeting on Friday which could decide the future of the single currency.

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.