European shares stage late rebound as rouble recovers
LONDON Dec 16 (Reuters) - European shares staged a late rebound on Tuesday as the Russian rouble recovered a good chunk of its daily losses against the dollar and as oil prices also gained ground.
Traders pointed to comments by U.S. Secretary of State John Kerry, who said Russia had made constructive moves towards possibly reducing tensions in Ukraine.
Others also said the rebound may have been a technical one, with many key indexes looking oversold after a volatile trading session in the wake of Russia's huge emergency interest-rate hike.
The FTSEurofirst 300 index of pan-European shares provisionally closed 1.8 percent higher at 1,314.31 points after trading as low as 1,273.2 earlier in the day.
With Western economic sanctions and falling oil prices crippling the Russian economy, Kerry's comments were seen as a sign relations between the United States and Russia might become more constructive.
"John Kerry...made all the difference," Justin Haque, a trader at Hobart Capital, said. (Reporting By Francesco Canepa; Editing by Lionel Laurent)
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