European Factors to Watch-Equity futures point to strong open
(Adds futures prices)
MILAN Feb 15 (Reuters) - European shares were set to open sharply higher on Monday, following gains in Asia where a firmer Chinese currency helped ease devaluation concerns.
By 0711 GMT, futures prices for Europe's Eurostoxx 50, Germany's DAX, France's CAC and Britain's FTSE indexes were all up by between 1.7 percent and 2.5 percent.
Asian shares bounced to snap a five-session losing streak on Monday as a strong fix for China's yuan eased devaluation concerns and Shanghai stocks returned from the Lunar New Year holidays with only modest losses.
"There seems to be a calming of nerves and a slight change in the atmosphere surrounding those active in financial markets," said IG chief market strategist Chris Weston in a note.
On Friday, European shares rebounded as Deutsche Bank and Commerzbank rallied, helping stock markets stage a partial recovery from stinging losses earlier in the week.