World stock markets widely recovered today, with European shares staging a modest rebound after China removed ill-fated trading curbs, a move that underpinned Asian markets earlier.
Oil markets pulled back also after striking 12-year low points yesterday.
All eyes were on today's US employment report, even if this regular key event in the economic calendar has been overshadowed somewhat by the fallout of worries over weak Chinese growth.
"It takes quite something to relegate the US employment report to a footnote in this week's trading activity, but the China induced volatility seen over the past few days appears to have done the trick," said Michael Hewson, chief market analyst at CMC Markets UK.
"As we come to the end of the week European equity markets look on course to post some of the worst weekly losses since the previous China induced volatility, seen last August."
In Friday trading at about 1600 IST, London's benchmark FTSE 100 index was up 0.5 per cent compared with yesterday's close.
In the eurozone, Frankfurt's DAX 30 climbed 0.6 per cent and the Paris CAC 40 won 0.1 per cent.
Europe's main indices closed with losses of about 2.0 per cent yesterday as signs of a dramatic slowdown in powerhouse China put fright into investors about the outlook for the world economy.
Asian stock markets meanwhile endured another volatile ride today.
Shanghai's main index closed up two per cent but lost about one-tenth of its value over the week.
US stocks also tumbled yesterday ahead of today's closely watched monthly employment data from the Labor Department that is expected to show jobs growth slowed in December.
Earlier today, Chinese equities bounced on another day of volatility across Asia as investors were panicked by Beijing's attempts to stabilise its beleaguered markets, with growing fears the global economy could be teetering.
Today's initial response was positive, with reports saying Shanghai was given support by state-backed cash being used to prop up big-ticket firms.
The wild swings across Asia were reminiscent of the summer's China-linked worldwide turmoil owing to increasing concerns about Beijing's ability to control a slowdown in the world's number-two economy.
"There's not a lot of stability in terms of policy management in China," said Matthew Sherwood, head of investment strategy at asset managers Perpetual in Sydney.
"They are very much making it up as they go... It causes large market volatility as people in markets don't like uncertainty."
Global investors have been alarmed by slowing growth in China's economy, which is expected to have expanded in 2015 at its slowest pace in a quarter of a century.
