European markets are all up as rate hike fears recede

European markets are all up on Tuesday morning. Calm has returned despite losses in China.

The benchmark Shanghai Composite Index closed the morning session down more than 2.5%, extending losses from June to a huge 41%.

European markets shrugged it off, which could be a sign that they think central banks' threats to raise interest rates may end up having to be delayed.

"With Inflation figures in the UK this morning expecting to show 0 or even a drop of -0.1% after last month's rise of 0.1% the chances of the Bank of England raising rates soon seem more unlikely," Mic Mills, head of client services at CapitalIndex, said in an e-mail.

Here's the European share market scoreboard:

UK's FTSE: +0.16%

Germany's DAX: +0.59%

France's CAC40: +0.66%

Spain's IBEX: +0.19%

And this is what's happened to the Euro Stoxx 50, which is an index of Europe's biggest publicly listed companies. It opened up 0.58%:

Meanwhile, Brent crude oil is also creeping up on Tuesday morning: