European shares rallied early on Thursday, recouping all the ground they lost earlier this week, after the Federal Reserve's incoming chair, Janet Yellen, eased concerns that stimulus measures would start to be rolled back this year, Reuters reported. Global stocks rallied after Yellen, in remarks released ahead of her confirmation hearing later on Thursday, said the Fed has "more work to do" to help the economy, indicating she was in no hurry to start trimming the bank's bond-buying programme, which has helped European stocks rise nearly 20 percent since it was announced in September 2012. The pan-European FTSEurofirst 300 index was up 0.9 percent at 0836 GMT, erasing losses suffered earlier in the week, and the euro zone Euro STOXX 50 was up 1 percent at 3,050.18 points. The FTSEurofirst 300 is up about 17 percent since late June, a rally mostly fuelled by central banks' massive liquidity injections as well as by improvements in European economic data.
