European shares snap 7-day losing streak as Deutsche Bank recovers

miércoles 10 de febrero de 2016 13:38 GYT

* Pan-European index bounces after hitting 2013 lows

* Deutsche Bank, Italy lenders lead bank rebound

* Unibet surges after results (Adds closing prices)

By Sudip Kar-Gupta and Danilo Masoni

LONDON/MILAN, Feb 10 (Reuters) - European shares snapped a seven-day losing streak on Wednesday after hitting two-year lows in the previous session, helped by some solid corporate earnings and a recovery in Deutsche Bank from 30-year lows.

Gains were slightly reduced after Janet Yellen said the Federal Reserve should be able to gradually adjust monetary policy thanks to strength in the U.S. economy, despite growing concerns over the resilience of global growth.

"Yellen's speech has slightly raised concerns surrounding economic growth ... I think the rebound won't fizzle out today but it needs to be supported by more solid economic data," said Ifigest fund manager Roberto Lottici. "Markets still need to find their bearings."

The pan-European FTSEurofirst 300 index, which had fallen 1.6 percent to its lowest point since September 2013 on Tuesday, ended up 1.8 percent, after rising by as much as 2.9 percent earlier in the session. Euro zone's blue-chip Euro STOXX 50 index also gained 1.9 percent.

Deutsche Bank climbed 10.2 percent after the Financial Times reported it was considering buying back several billion euros of its debt in an attempt to shore up the tumbling value of its securities.   Continuación...