European shares rebound as Turkey stress eases

  • Reuters
  • Stock Market News
European shares rebound as Turkey stress eases
Credit: © Reuters.

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LONDON, Aug 14 (Reuters) - European shares bounced back on Tuesday after two days of heavy selling as investors' anxieties over contagion from a Turkish currency crisis faded slightly, thanks to reassurances from the central bank and government.

The Turkish lira firmed after the central bank had pledged on Monday to provide liquidity in response to the meltdown which has unsettled global markets. were also comforted by news that Finance Minister Berat Albayrak would hold a conference call with investors from the United States, Europe and the Middle East on Thursday, his first since assuming the post almost two months ago. were the biggest driver with euro zone bank stocks .SX7E rising 0.8 percent, helping to push the pan-European STOXX 600 .STOXX benchmark up 0.4 percent.

Banks had been the worst hit by concerns over Turkey, taking the index to a 21-month low.

Italy's FTSE MIB .FTMIB jumped 0.8 percent with banks .FTIT8300 gaining as bond yields fell after the government said it had agreed to preserve the stability of state finances and lower public debt. focus once again turned to results.

Antofagasta ANTO.L shares fell 4.1 percent, the worst performer, after the Chilean copper producer reported first-half earnings fell due to weaker ore quality and higher costs, and said trade tensions were likely to hurt demand. dental implant maker Straumann STMN.S was a top gainer after results, up 4.6 percent after it raised its full-year revenue target as organic sales growth exceeded 20 percent for the first time in 10 years. utility RWE RWEG.DE rose 2.4 percent after it said its Innogy deal was on track and reported in-line first half profits. research also drove some sharp stock moves.

Siltronic WAFGn.DE shares fell 4.8 percent, with traders saying Citi cut its recommendation on the stock to "neutral".

Shares in German industrial equipment manufacturer Duerr DUEG.DE rose 3.6 percent with traders saying local broker M.M. Warburg upgraded the stock to "buy" from "hold".

A boost to "overweight" from Barclays (LON: BARC ) sent Saipem SPMI.MI shares up 2.6 percent.

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