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European shares rebound helped by financials; WPP down

European shares rebound helped by financials; WPP down
FILE PHOTO: A trader sits in front of the computer screens at his desk at the Frankfurt stock exchange, Germany, June 29, 2015. REUTERS/Ralph Orlowski/File Photo   -   Copyright  Ralph Orlowski(Reuters)
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MILAN (Reuters) – European shares rebounded in morning trading on Tuesday following a late rally in Chinese stocks, although investors were likely to remain cautious due to worries over new U.S. tariffs.

Financials were the biggest gainers, supported by strength among some Italian banks after top figures from the government appeared to play down the chances that the country’s 2019 budget would break European Union spending rules.

Their gains helped lift the pan-European STOXX 600 index <.STOXX> 0.16 percent by 0722 GMT, while other European benchmarks were also slightly higher. The FSTE <.FTSE> added 0.12 percent.

Among banks, Italy’s UBI Banca <UBI.MI> led the gainers, rising 4.3 percent. Danske Bank’s <DABA.CO> woes however weighed on its shares, which were down more than 4 percent following a report suggesting its Estonian branch handled $30 billion of non-residents’ money in 2013.

WPP <WPP.L> was the biggest STOXX faller, down 7.3 percent, after the British advertising group posted lower operating margins in the first half, although a rise in sales helped it nudge its full-year net sales outlook higher.

Scor <SCOR.PA> rose 7.3 percent after the French re-insurer rejected a friendly takeover offer by Covea.

(Reporting by Danilo Masoni; Editing by Andrew Heavens)

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