European shares have rebounded and finished up over two percent.
Stocks reversed course during the afternoon and heading higher after hitting an 11 week low early in the session. Banks tracked advances in US financial companies. Among the big gainers, German sports-car maker Porsche which was up nine percent on a report that Qatar has offered to buy a stake. British insurance firm Friends Provident’s shares shot up 14 percent as it rejected a take-over offer as inadequate. Philips Electronics unexpected second-quarter profit boosted its shares 6.5 percent. Investors are looking ahead to this week’s announcements of corporate earnings from the likes of Nokia, Alstom, Novartis and Pernod Ricard. And they remain less sure about a rapid global economic recovery as shown by weaker oil prices. Despite that oil stocks were in demand.