European shares set to rally

European stocks were set to rise on Thursday, tracking a rally on Wall Street after the US Federal Reserve gave an upbeat assessment of the economy and said it would take a patient approach toward raising interest rates. At 0710 GMT, futures for Euro STOXX 50, for Germany's DAX and for France's CAC were 1.0-1.1 per cent. European stocks are down about 6 per cent since the start of the month, as the relentless drop in oil prices has hurt energy shares and fuelled fears of deflation in the euro zone, while the collapse of Russia's rouble has sparked worries about the country's economy and the impact on Europe's recovery. The survey of more than 50 fund managers and strategists conducted in the past week predicted the pan-European STOXX Europe 600 index would rise 13 per cent from current levels to 370 points by the end of 2015, according to Reuters.