European Stocks End Higher Than Expected

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European stocks ended broadly higher following volatile trading which saw big losses earlier in the day.

Shares had fallen sharply in the morning due to fears about another recession in the United States and Europe.

Robert Halver is from Baader Bank in Frankfurt, "Right now it's very emotional, definitely. We have cold and warm showers, one after another and right now nobody is able to say what will happen next."

The FTSE Eurofirst 300 closed up 1 and a quarter percent while Britain's top share index bounce off 13 month lows to close up almost 2 percent.

Investors were hoping an announcement by the U.S. Federal Reserve would calm nerves over global debt.

The sudden rise broke a losing streak that has stretched back over the last seven trading sessions.

Frances' CAC was up also up - 1.6 per cent - while the German DAX closed slightly down.

Safe haven bets were still strong winners with gold hitting another record high and investors favoring the Swiss franc also at an all time high.

Fears of a new global economic downturn reinforced by a downgrade of the United States credit rating last Friday and the debt crisis in the euro zone had sent world shares down as much as 20 per cent in two and half weeks.

European Central Bank President Jean-Claude Trichet said the present crisis facing world markets had a number of causes and its seriousness could not be underestimated.

There were signs traders have started looking for bargains but the volatility is expected to continue.


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