European stocks rebounding from yesterday's steep losses, Asia equities fall

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By Palash R. Ghosh | July 1, 2010 1:19 AM EST

European stock indices have rebounded from yesterday's steep losses, emboldened by a decline in Germany's June jobless rate, as well as the European Central Bank's encouraging 3-month tender outcome, which alleviated concerns about the state of the eurozone's interbank market.
For the moment, UK investors appear to be shrugging off warnings from a rate-setting member at the Bank of England that the government's proposed austerity measures could drive Britain back into recession.

As of approximately 7 pm (EDT), The FTSE-100 index of UK
is up 0.65 percent, Germany's DAX is rising 0.62 percent to; and France's CAC-40 was up by 0.83 percent.

Asian equity indices fell overnight, on fears that economies in the U.S. and China are running out of steam.

Japan's Nikkei-225 stock average dropped 1.96 percent; Hong Kong's Hang Seng index fell 0.59 percent; and the Shanghai Composite index slipped 1.18 percent.

U.S. stocks futures are predicting modest rise, ahead of ADP private payrolls report, the latest Chicago PMI and more Fedspeak.

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