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European shares rebound

European shares rebound

Category: Investments

Updated: 27/09/2011
First Published: 27/09/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Shares across the European Union and further afield bounced back today, as renewed optimism spread about the future of the economy.

The upturn followed a weekend of talks at the G20 and the International Monetary Fund (IMF).

A number of proposals were reported to have been discussed, including expanding the scale of the bail-out fund in the eurozone, boosting some of the continent's key banking institutions that are heavily exposed to defaults and halving the debt currently owed by the ailing Greek economy.

The German Dax index saw the biggest boost, rising by 4.9% at its peak, while the FTSE 100 rose by 3.4% on the back of improving sentiment.

Also in Europe, the French share index, Cac 40, saw its value rise by 4.4% during the day, while the US Dow Jones saw a 2% improvement. Markets in Asia also improved earlier today, with the Japanese Nikkei ending trading up by 2.8%.

There were increases in the value of a number of banks across Europe, with Barclays the big winner in the UK as its share price rose by almost 7%.

The fortunes of the Greek economy should become clearer this week as the country's Prime Minister George Papandreou is to enter talks with Angela Merkel, Chancellor of Germany, in a bid to devise a plan to cut the country's increasingly unscalable deficit.

Speaking to German business leaders, the Prime Minister said the current situation represented an opportunity for the Greek economy to implement important reforms.

He told the audience that their contribution could be vital in the 'rebirth' of the Greek nation

In addition, discussions between the European Central Bank and the IMF are due later this week, with a decision to be made on whether Greece should receive its latest instalment of bailout funds.

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