Hot Penny Stocks

* Oil rises alongside global stock markets * Expectation of OPEC supply cut lends support (Updates prices)

* Decent earnings attract bargain hunters * Google jumps after profit tops estimates.

* Pan-European FTSEurofirst 300 up 4.2 pct * Oils and pharmas rise

* Yen gains vs dollar and euro but off session highs * Markets still volatile on bank woes, recession fears

* FTSE 100 ends up 5.2 pct at 4,063 points * Oil shares jump as crude rises above $70

(Corrects NZ share market mvoe to up, not down, 1.6 percent) (Adds analyst comment, closing prices) MELBOURNE, Oct 17 (Reuters) – Australian shares fell 1percent on Friday, reversing early gains of more than 3percent, as the growing prospect of a global recession hit bankshares and top miners.

Marcus Padley recounts a story about how the stockmarket has the ability to render us financially irresponsible.

* Gold edges up in choppy trade, off 1-month low * Nikkei up over 2 percent, oil rises more than $3

* Australian dollar supported by firmer stocks, commodities * Bonds off lows on hefty rate cut expectations