European equities rally as oil prices slide, banks soar

0 Comments | AFP, August, 2008

LONDON (AFP) — Europe's main stock markets rebounded strongly on Tuesday as inflationary concerns eased with tumbling oil prices and the banking sector rose amid bumper profits at Standard Chartered, traders said.

In late morning trading, the FTSE 100 index of top companies stood at 5,377.10 points, a rise of 1.07 percent from Monday's close.

Frankfurt's DAX 30 jumped by 2.26 percent to 6,493.50 points and in Paris, the CAC 40 rallied 1.31 percent to 4,336.53.

The Euro Stoxx 50 index of leading eurozone shares advanced 1.77 percent in value to stand at 3,347.62 points.

The European single currency fell to 1.5496 dollars, as traders awaited a US interest rate decision on Tuesday.

Strong gains for European equities contrasted with Tuesday's...