Europe: Stocks rebound at the open

EUROPEAN stocks rebounded at the open on Friday (Jun 24) following another week of heavy losses for markets, including oil, on heightened fears of a global recession.

London's benchmark FTSE 100 index gained 0.4 per cent to 7,047.11 points, with investors brushing aside bruising defeats for Britain's ruling Conservatives in by-elections on Thursday.

The pound was little changed against the US dollar and euro, also despite data showing a drop in UK retail sales volumes as inflation soars.

In the eurozone, Frankfurt's DAX index won 0.3 per cent to 12,947.75 points and the Paris CAC 40 gained 0.7 per cent to 5,922.45. AFP