European shares bounce back after Ukraine-driven rout

Automakers led morning gains, with Porsche and Volkswagen jumping over 4%

European bank shares also rebounded early this morning.

Europe's main stocks index bounced off nine-month lows this morning following a late rally on Wall Street as investors hunted for bargains after a bruising sell-off this week on fears of the fallout from Russia's invasion of Ukraine.

The pan-European STOXX 600 index rose 0.8% after sliding to the lowest since May 2021 in the previous session. The benchmark was on course to end the week sharply lower.