Stock markets rebound as French debt fears subside

11th August 2011

The Guardian reported how European markets had also shown gains as concern over France subsided and Italy prepared to deliver an austerity budget

Markets were last awaiting a new austerity plan for Italy, which will be presented by Giulio Tremonti in Rome at 11am local time 10am BST.

George Osborne is due to to speak in London at about 1pm at a special sitting of parliament called after the recent rioting in the capital and across England.

He is expected to defend his austerity measures, at a time when Europe's debt crisis is deepening and Labour politicians have latched onto the Bank of England's warning that the outlook is worsening.

France's CAC and Germany's Dax both rebounded 2.4% in early trading, while Italy's MIB was up 1.3%, Spain's Ibex added 1% and Portugal's PSI rose 1.8%.

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