Shares stage recovery after referendum meltdown

European stock markets claw back some of their losses on Tuesday, and sterling picks up for first time since Friday’s Brexit voteEuropean stock markets rallied in what analysts called a “dead cat bounce”, bringing some respite after the UK’s vote to leave the European Union wiped $3tn off global stocks.In their worst-ever rout, equity markets lost $2tn of their value on Friday, with a further $930bn wiped off on Monday whenthe UK was stripped of its last AAA credit rating