European shares rebound after seven days of losses

By REUTERS
August 9, 2011 10:43

 
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LONDON - European shares rose sharply on Tuesday as investors looked for bargains in stocks that had dropped for seven straight days on worries about major economies falling back into recession.

At 7:14a.m. GMT, the FTSEurofirst 300 index of top European shares was up 1.6 percent at 951.02 points, after falling 4 percent on Monday and hitting a two-year low.

"The markets' fall (in previous sessions) implies huge falls in corporate earnings, which is over-egging the pudding. On one level, you could say markets have become oversold, and valuations are very attractive," said Jeremy Batstone-Carr, strategist at Charles Stanley.

The STOXX Europe 600 Banking Index rose 2.2 percent, having fallen sharply in recent days.

On Monday, the S&P 500 suffered its biggest fall since December 2008, falling 6 percent, after the United States lost its triple-A credit rating.

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