European shares climb back up

European shares rose on Tuesday, recovering some poise after a sharp sell-off the previous day on concerns about China's economy that saw around 450 billion euros ($520 billion) wiped off the value of leading stocks. The pan-European FTSEurofirst 300 index, which slumped 5.4 per cent on Monday, rose 2.5 per cent, while the euro zone's blue-chip Euro STOXX 50 index gained 2.3 per cent. Swiss agricultural chemicals maker Syngenta was the best-performing FTSEurofirst stock, rising 7.5 per cent after a source said Monsanto had sweetened a takeover. The FTSEurofirst remains at risk of posting its biggest monthly loss since 2002, having fallen more than 10 per cent so far in August. Germany's DAX rose 2.3 per cent after a near 5 per cent decline on Monday, leaving it still nearly 20 per cent below a record high reached in April. World financial markets have been rattled by a sharp sell-off in the Chinese stock market that followed the devaluation of the yuan earlier this month. Chinese shares slumped again on Tuesday, while Japan's Nikkei fell nearly 4 per cent, according to Reuters.

-Shuvo-