European shares rebound as miners and banks rally

viernes 11 de marzo de 2016 05:37 GYT

* FTSEurofirst 300 index gains 2 percent

* Euro zone banks advance for second day

* Mining, energy stocks track commods prices

By Atul Prakash

LONDON, March 11 (Reuters) - European shares bounced back on Friday, with a recovery in metal and oil prices boosting commodities stocks and the ECB's bank funding plan continuing to support lenders in the euro zone periphery for a second day.

The pan-European FTSEurofirst 300 index was up 2 percent by 0910 GMT after falling 1.8 percent in the previous session. However, the index stayed on track for a weekly decline after gaining in the previous three straight weeks.

The euro zone's Euro STOXX Banks index was up 4.8 percent after surging 8.5 percent on Thursday when the European Central Bank cut rates and said it would start buying corporate debt and even pay banks for lending to companies in the ailing euro area in a bid to kickstart growth.

Lenders like Banco Popular and Bankia of Spain and Italy's UniCredit and Intesa Sanpaolo jumped 4.3 to 9.1 percent.

"While markets had a tantrum after (ECB President Mario) Draghi's comment about not seeing rates going further into negative territory, we still see yesterday's announcement as net positive," Mike van Dulken, head of research at Accendo markets said.   Continuación...