Global markets surge as concerns ease over effect of sanctions on the west

FTSE 100, European and US exchanges rise after heavy selling as investors relax about economic hit from invasion of Ukraine

Global markets staged a major recovery on Friday in a sign that traders believed the sanctions imposed on Russia were unlikely to significantly affect western economies.

The FTSE 100 closed up 3.9%, rebounding from an almost 4% drop the previous day after Moscow invaded Ukraine, but still ending the week in the red.