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European stocks rise after Wall Street surge

European stocks rise after Wall Street surge
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First Published: Wed, Feb 25 2009. 02 55 PM IST
Updated: Wed, Feb 25 2009. 02 55 PM IST
Frankfurt: European stocks recovered in early trade on Wednesday, snapping a three-day losing streak, after statements by Federal Reserve chairman Ben Bernanke caused a Wall Street rally.
At 1:40pm (8:07GMT) the FTSEurofirst 300 index of top European shares was up 1.6% at 730.70 points, after it had fallen 1.4% on Tuesday to a six-year low.
US stocks had risen late Tuesday, recovering from 12-year low, after Bernanke signalled that nationalisation of big banks was not imminent, causing relief in the markets.
Financials were among the biggest gainers, with Deutsche Bank up 7%, BNP Paribas up 8.3% and Deutsche Boerse up 6.8, after the German stock exchange operator released solid results late Tuesday.
Shares in British confectionery giant Cadbury rose 2% after the company reported a 30 percent rise in 2008 profits.
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First Published: Wed, Feb 25 2009. 02 55 PM IST
More Topics: Markets | Europe | Stocks | Global | Financial Crisis |