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European Shares Set to Join Global Bounce

European stocks are set to rise sharply on Wednesday, financial bookmakers said, after Asian and U.S. equities bounced on weaker oil prices and the US Federal Reserve chairman said further lifelines may be available for banks.

Financial bookmakers, or spreadbetters, saw Britain's FTSE 100 opening up 60-65 points, Germany's DAX up 60-73 points and France's CAC-40 up 45-52 points -- all 1.2 percent higher. The pan-European FTSEurofirst dropped 1.5 percent in the previous session.

Major Wall Street indexes added 1.4-2.3 percent on Tuesday after Fed Chairman Ben Bernanke said the U.S. central bank may keep an emergency lending facility for big Wall Street firms open longer than it initially intended.

Global stocks benefited from oil prices pulling back from recent record highs, but Asian markets pared gains after news of an Iranian missile test. Japan's Nikkei pared earlier strong gains to trade up 0.4 percent.

Crude oil rose to above $136 a barrel on Wednesday, but far from record highs after it fell more than $5 the day before.