European shares seen up

European equity indexes were set to rebound on Wednesday, mirroring a late recovery on Wall Street and recouping some of the sharp losses suffered on the previous day. At 0721 GMT futures for the Euro STOXX 50 equity index, Germany's DAX and France's CAC were between 0.5 per cent and 0.7 per cent higher. The underlying cash indexes fell more than 2 per cent on Tuesday. Brent's front-month futures contract resumed their drift downwards on Wednesday although they remained above a five-year low of $65.29 touched on the previous day. A late rebound on the S&P 500 index, which ended the day flat after a sharply lower start, showed appetite for stocks had not waned. Germany airline Lufthansa was indicated 1.4 per cent higher after it reported a 2.4 per cent rise. German travel and tourism TUI AG was seen opening 1.7 per cent higher after saying its target of 1 billion euros ($1.2 billion) in core profit was coming into reach in the current year as it reported its final set of results ahead of its merger with TUI Travel, according to Reuters.