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European stocks rise, following Asian and US rebounds

Text by REUTERS

Latest update : 2008-10-29

European stock markets opened sharply up after Japan's Nikkei index closed 7.74% up at the end of trading, following a strong rally at Wall Street overnight, fuelled by hopes for an interest rate cut at the end of the week.

European stock index futures rose sharply on Wednesday, after U.S. and Asian stocks soared and investors bet on a U.S. rate cut later in the day.

At 0707 GMT, futures for the DJ Euro Stoxx 50 and for France's CAC added about 5 percent, and for Germany's DAX gained 3.4 percent.

Wall Street marked its second best day ever on Tuesday, with major U.S. stock indexes surging about 10 percent.

The U.S. Federal Reserve is set to announce its rate verdict at 1815 GMT. In a Reuters survey, primary dealers expect the Fed funds rate will be cut to 1 percent from 1.5 percent.

Japan also signalled on Wednesday it could follow the U.S. in cutting interest rates this week. Tokyo's Nikkei average soared 7.7 percent.

Date created : 2008-10-29