Global shares were having their best day in nearly a month on Friday as European and Asian markets recovered from a brutal selloff that still left them set for their worst week since February.

After a partial recovery in Asian shares overnight, European stocks opened higher, with the pan-European STOXX 600 up 0.9 percent on the day.

Germany's DAX up 1.1 percent while Britain's FTSE 100 gained 0.4 percent.

S&P stock futures pointed to a rebound in U.S. stocks later in the day, while the VIX volatility index came down from an eight-month high.

The MSCI All-Country World index, which tracks shares in 47 countries, was up half a percent on the day.

"Some traders are cautiously buying back into the market today, but the underlying issues which brought about the sell-off are still relevant," said David Madden, markets analyst at CMC Markets in London.

The biggest market shakeout since February has been blamed on a series of factors, including worries about the impact of a Sino-U.S. trade war, a spike in U.S. bond yields this week and caution ahead of earnings season.

Trade figures from China on Friday showed China's trade surplus with the United States hit a record high in September, providing a likely source of contention with U.S. President Donald Trump over trade policies and the currency.