Europe: Stocks rebound at open

EUROPEAN stock markets rebounded at the open on Wednesday (Jul 6), recovering some ground following sharp losses the previous session on fears of a global recession.

London's benchmark FTSE 100 index jumped 1.6 per cent to 7,139.36 points - and the pound was steady - after UK Prime Minister Boris Johnson was rocked by the resignation late on Tuesday of Finance Minister Rishi Sunak.

Britain's Health Secretary, Sajid Javid, also quit, with both ministers saying they could no longer tolerate the culture of scandal that has stalked Johnson for months.

Johnson moved quickly to replace them, picking Iraqi-born Nadhim Zahawi as his new chancellor of the exchequer, who steps up from his role as education minister.

In eurozone stocks trading on Wednesday, Frankfurt's DAX index opened with a gain of 1.6 per cent at 12,607.10 points.

The Paris CAC 40 added 1.7 per cent to 5,892.87 points.

Europe's main stock markets had lost almost 3 per cent on Tuesday. AFP