European shares bounce back, Barclays leads as sacks CEO

miércoles 8 de julio de 2015 04:46 GYT

* Euro STOXX 50 up 1.2 pct, FTSEurofirst 300 up 0.5 pct

* Barclays leads after saying chief executive to leave

* Miners slip on concerns about Chinese economy and stocks

By Atul Prakash

LONDON, July 8 (Reuters) - European equities bounced back on Wednesday after euro zone members gave Greece until the end of the week to come up with a proposal for sweeping reforms to secure new aid and avoid crashing out of the euro.

Barclays was the FTSEurofirst 300 index's top gainer, up 3.3 percent, after the British lender surprised markets by announcing a search for a new chief executive to help accelerate strategic change and boost shareholder returns.

"Markets are up on the realisation that this weekend there will probably come an end to the Greek saga, one way or another. Markets are probably priced for a Grexit, but one where contagion may be limited," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels.

"In the meantime, commodity-related shares are in a downtrend, pressured by the sharp sell-off in the Chinese stock market. This will eventually lead to a massive buying opportunity, but it is clearly too early to jump back in."

The euro zone's blue-chip Euro STOXX 50 index was up 1.2 percent by 0809 GMT, while the pan-European FTSEurofirst 300 index rose 0.5 percent.   Continuación...