European shares recover as German banks rebound

viernes 12 de febrero de 2016 10:37 GYT

* Deutsche Bank shares surge on bond buyback

* Commerzbank shares jump after results

* But FTSEurofirst still set for weekly loss

By Sudip Kar-Gupta

LONDON, Feb 12 (Reuters) - European shares rebounded on Friday as Deutsche Bank and Commerzbank rallied, helping stock markets to partly recover from the week's losses.

The pan-European FTSEurofirst 300 index was up 2.2 percent going into the close of trading, rising from its lowest level in more than two years.

Fears about how well European banks can cope with slow growth and low interest rates had pushed European banking shares to multi-year lows this week.

But Deutsche Bank gained 9.6 percent on Friday after saying it would buy back more than $5 billion in senior debt, easing concern about its bonds. Its rival, Commerzbank , reported a return to profit in the fourth quarter, and its shares jumped 16 percent nL8N15R0KN].

The STOXX 600 Europe Banks index rose 4.2 percent. Germany's DAX advanced 2.2 percent, although it remains nearly 30 percent below a record high reached in April 2015.   Continuación...