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Europe: Shares rebound from China hit
[LONDON] European shares bounced back in early trade on Thursday after a late rally on Wall Street and gains in Asia, following efforts by China's central bank to slow the sharp descent of the yuan that has rocked global markets.
The pan-European FTSEurofirst 300 index was up 1.5 per cent, with national benchmark euro zone indexes broadly in line with that rise at 0710 GMT.
Automakers and luxury goods stocks, among the worst hit this week, staged a rebound. Better-than-expected quarterly profits for Moller Maersk and a positive earnings outlook from TUI helped those stocks outperform. "In Europe...autos will inevitably stand out," said Nick Lawson, Deutsche Bank Managing Director, in a note to clients."How much juice there will be after the opening prints is another question."