European stocks bounce back on Monday as the People’s Bank of China stabilizes currency exchange rate for the second consecutive day. However, Asia suffers market volatility and oil prices hit lows.

The FTSEuroFirst 300 index rose 0.80 percent, rebounding from a six-week low and a 3 percent decline attained in the previous week. Germany’s DAX rose 0.60 percent, while France’s CAC 40 rose by 0.70 percent. However, the FTSE 100 went down by 0.20 percent.

Alstom, a leading power generation company, also gained as much as 7 percent after speculations of securing the European Union’s approval for the proposed 12.40 billion euro bid for a power business surfaced. Hennes&Mauritz (H&M), a leading retail-clothing company, gained 2.40 percent after releasing higher sales data.