NEW YORK - US SHARE prices rebounded modestly at the open on Tuesday as the market licked its wounds after a brutal session that saw investors panic in the face of fears of a deep recession.

The Dow Jones Industrial Average rose 62.20 points (0.76 per cent) to 8,211.29 in the first trades, after a horrific 679-point loss on Monday.

SYDNEY - AUSTRALIA'S central bank slashed its key interest rate by one percentage point on Tuesday in the latest bold move by the country's top finance officials to stave off a recession.

STOCKHOLM - THE Swedish government has ruled out a takeover of the country's beleaguered automaker Volvo Cars if its owner, US group Ford, decides to sell it, daily Dagens Nyheter reported on Tuesday.

'It's not in our industrial policy to own carmakers and we will not jeopardise taxpayers' money,' Enterprise and Energy Minister Maud Olofsson told Sweden's newspaper of reference on the sidelines of a meeting in Brussels.