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European markets make early gains

European markets have bounced back from yesterday’s losses to make small gains in early trades on Thursday.

At 9.30am, the FTSE 100 was up 0.7 per cent to stand at 5173.66, while the German Dax and the French Cac 40 are both up over 1.5 per cent.

The news comes as Italian prime minister Mario Monti prepares to meet German chancellor Angela Merkel and France’s Nicolas Sarkozy to discuss Italy’s austerity measures.

Yesterday’s falls came as the German government was unable to sell about 35 per cent of the £5bn 10-year bonds it offered to the market.

Global markets also fell overnight. In the US, the Dow Jones was down over 2 per cent, while the Nikkei 225 in Japan was down 1.8 per cent.

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