European equity markets recovered some poise after a weaker opening today as London's mining stocks and oil groups helped offset losses for banks.
In late morning trade, the FTSE Eurofirst 300 was up 0.3 per cent to 1,550.47, while Frankfurt's Xetra Dax was down 0.1 per cent to 7,786.65, weighed by its financial stocks.
The CAC 40 in Paris climbed 0.2 per cent to 5,709.89, while London's FTSE 100 outperformed with a 0.6 per cent gain to 6,493.5 as its mining groups rallied.
Frankfurt was driven lower by its financial stocks. Deutsche Bank fell 2 per cent to €90.15 on speculation that revaluation of leveraged debt could hit profits by up to €1.7bn.
Domestic rival Commerzbank fell 2.1 per cent to €29.12 after Merrill Lynch cut its target price from €34 to €32.60.
Schneider Electric, the French electrical wholesale group, fell 2.8 per cent to €91.95 after downgrades from both Citi and Exane BNP Paribas.
Among the financials, Fortis was down 2.7 per cent to €25.94 after JPMorgan cut its target price on the stock from €37.80 to €30, citing weaker financial market conditions and the risks concerned with its part in the attempted takeover of ABN Amro in partnership with Royal Bank of Scotland and Santander.