European markets are rallying

European markets have shrugged off a volatile trading session in the US and fresh falls in Chinese indices to open up today.

Here's the scoreboard at the moment:

Germany's Dax: 1.33%

UK's FTSE: 1.38%

France's CAC40: 1.43%

Italy's FTSE MIB: 0.42%

Spain's Ibex: 0.93%

Euro Stoxx 50: 1.53%

In China, the benchmark Shanghai Composite index was down as much as 6.92% at 2987.58 points, extending its losses from the multi-year peak of 5178.2 struck on June 12 to 42.3%.

It is the first time the index has traded below the 3000 point level since December 25 last year