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European stocks rally, recover from China-based selloff; Dax up 1.43%

© Reuters. European stocks rise sharply as Chinese devaluation turmoil eases - European stocks rallied on Thursday, as market volatility caused by the two consecutive devaluations of the yuan in China began to ease and focused returned to Greek bailout negotiations.

During European morning trade, the EURO STOXX 50 surged 1.64%, France’s CAC 40 advanced 1.78%, while Germany’s DAX 30 jumped 1.43%.

European equities were hit after the People's Bank of China devalued the yuan for a second consecutive day on Wednesday.

China devalued its currency by 2% in a surprise move on Tuesday to make its exports more competitive and shore up growth in the flagging economy.

The PBOC has described the move as a “one-off depreciation”, based on a new way of managing the exchange rate that better reflected market forces.