European and American stocks managed a half-hearted recovery yesterday after two days of heavy losses as concerns over slowing global growth continued to weigh. 
Higher oil prices helped markets shrug off overnight falls in many Asian indices, which had taken their lead from Wall Street’s previous session, as markets geared up for key US jobs data due Friday. 
At the European close, London’s benchmark FTSE 100 index stood 0.1% firmer. 
In the eurozone Frankfurt’s DAX 30 index posted a 0.2% increase as gains for pharmaceutical firm Bayer over a new cancer treatment offset banking stock weakness amid worries about Italy’s financial sector. 
The Paris CAC 40 closed a touch weaker. 
Wall Street was trading around 0.3% higher at that time. 
Markets in France and Germany were open despite a public holiday in both countries, but many dealers were away from their desks, 
making for lower volumes. 
In foreign exchange, the euro fell against the dollar as the US currency extended its recovery against rival units after recent sharp falls that were triggered by concerns over the world’s biggest economy. 
A disappointing set of readings and announcements from leading economies over the past week have cast a pall over financial markets, reversing recent gains that were fuelled by hopes a recovery was taking hold. 
“Global growth fears seem to be edging up again,” Deutsche Bank analysts said in a note. 
Markus Huber, trader at City of London Markets, noted bargain-hunting in stock markets after four straight sessions of declines. 
“However overall sentiment remains negative as uncertainty concerning global growth, a potential US rate hike in the third quarter and disappointing corporate earnings continue to take a toll on markets,” he added. 
Asian stock markets moved cautiously as worries over the global economy sapped confidence, but the dollar held the previous day’s gains and oil prices extended a rally. 
Data showing sluggish manufacturing activity in China and a lower growth forecast for the eurozone weighed on sentiment, while data last week indicated US first-quarter economic growth was sharply lower than expectations. 
The weak report also raised fears about today’s closely-watched US government jobs report. 
“The main focus is already on the US non-farm payrolls due tomorrow,” Rabobank analysts said in a note. 
If the figures confirm the market consensus for a 200,000 increase in the payroll this “would provide the US dollar with further support”, they said. 
In Asian trade yesterday, Hong Kong was off 0.4% and Singapore dipped 0.6%. There were also losses in Taipei and Manila. But Shanghai and Sydney ended 0.2-percent higher. 
Tokyo and Seoul were closed for public holidays. 
“Markets seem to be at something of a crossroads at present, waiting for clearer signals on whether US activity will bounce back in the second quarter,” Sharon Zollner, a senior economist in Auckland at ANZ Bank New Zealand, said in a note to clients.