European shares rise early

European shares opened sharply higher today, building on the previous session's robust gains, with banks stocks continuing to cheer sector rescue packages and energy stocks rallying on higher crude oil prices.

By 9.18 a.m. (Malta time), the pan-European FTSEurofirst 300 index was up 4 percent at 974.80 points after its strongest one-day percentage rise on record -- 10.1 percent -- yesterday.

US stock markets posted double-digit percentage gains overnight and Asian equity markets rose strongly on yesterday.

"Market players are hoping that the crisis has reached a turnaround point thanks to the extensive aid programmes," German bank Helaba said in a note. "The bailout packages and hopes that the worst of the crisis is over are now being traded on the financial markets," Helaba said.

Banks were the top weighted gainers, with Royal Bank of Scotland (RBS) and Societe Generale both up by more than 10 percent, UBS rising 9 percent and Barclays also 9 percent higher.

Crude oil rose by more than 2.5 percent to over $83 a barrel, lifting the DJ Stoxx oil & gas index by 6 percent. In the heavyweight sector, BP was up 7 percent, Royal Dutch Shell and ENI climbed 5.5 percent and Total gained 4.5 percent.

Britain's FTSE 100 rose 4.3 percent, the French CAC 40 advanced 4.6 percent and Germany's DAX was up 3.6 percent.