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According to Reuters, the FTSEurofirst 300 had added 0.6 per cent by 08:06 BST, putting it on 1,020.09 points.
There were increases of between 1.9 per cent and 2.3 per cent for Banco Santander, BNP Paribas and Barclays, as investors showed renewed optimism that the global economy is recovering.
BP, shares in which have suffered heavy losses recently following the oil spill in the Gulf of Mexico, was up 2.7 per cent as the markets opened.
There had been concerns over recent days that the cost associated with cleaning up the environmental disaster would damage the firm, however it issued a statement yesterday insisting it is in a strong financial position and knows of no reason that justifies the sharp fall seen on the markets recently.
"BP faces this situation as a strong company," it said, adding: "Under the current trading environment, we are generating significant additional cash flow."
Posted by Greg Secker
