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European stocks rebound as banks recover
GABRIELE STEINHAUSER
(The Associated Press)



06:28:28AM (DST) Thursday 8.11.11.

BRUSSELS (AP) — European stocks rebounded Thursday as banks recouped some hefty losses despite ongoing concerns over their exposure to the debt of countries like Greece and Italy, while Wall Street was poised for a rebound following another rout.

That reverse on Wall Street on Wednesday prompted a retreat in most Asian markets earlier.

The wild swings on a daily basis and across timezones highlights how febrile markets are at the moment amid concerns over the global economy and the levels of debt in both the U.S. and Europe.

In Europe, Britain's FTSE 100 rose 2 percent to 5,108, while Germany's DAX was 2.5 percent higher at 5,754. The CAC-40 in Paris also gained 2.5 percent to 3,078.

Wall Street, meanwhile, was set for a higher open, with Dow futures pointing up 1.5 percent at 10,880 points, while the broader S&P 500 futures gained 1.7 percent to 1,142.

The recovery on European markets was led by banks, which saw their share prices pummeled Wednesday.

Societe Generale was up over 7 percent, after its CEO asked the French market regulator to investigate rumors about the bank's finances that triggered a 15 percent sell-off in its shares Wednesday. SocGen's French peer BNP Paribas rose 2.2 percent, while Deutsche Bank gained 1.9 percent.

Thursday's gains came after Wednesday's hammering of stocks in Europe and the U.S. Any investor cheer to the news that the Federal Reserve was keeping its super-low interest rates until the middle of 2013 dissipated as they interpreted that stance to mean that the U.S. economy will not improve substantially by 2013.

Worries over Europe's debt crisis spreading have also not been calmed by a more active role in the bond markets from the European Central Bank.

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Can't let Wall Street effect overseas markets though it was mixed in Europe.

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