European stocks rebound from 2-week low amid focus on Turkey

European stocks rose in early trading on Monday, and resumed gains within recovery attempts from 2-week low, after the Turkish President Recep Tayyip Erdogan's sudden decision to fire the central bank governor.

The Stoxx Europe 600 index rose 0.1% as of 11:28 GMT, after closing lower by 0.45% on Friday and hit the lowest level since March at 420.7 points.

The pan European index gained 0.1% last week, posting its third straight weekly gain.

The automotive sector saw the largest gains in Europe today, with a jump of more than 1.5%, as most of the major European companies' stocks rebounded.

Volkswagen's stocks rose 5.2% after a report that it's weighing a stock listing for Porsche.

Investors are focused on the Turkish lira and bonds, following the Turkish President's decision, as the lira fell more than 8% against the US dollar to $8.1745, compared to below the $7.5 barrier of last week.

These fluctuations in the Turkish currency and bonds came after the Turkish President Recep Tayyip Erdogan unexpectedly fired the central bank governor Anji Agdal, and replaced him by a former deputy of the ruling party Kavcıolu.

S&P 500 futures rose more than 0.3%, ahead of Wall Street opening after the index closed lower by 0.1% on Friday, on profit-tasking from its record high of 3,983.87 points.

Back to Europe, the Euro Stoxx 50 index rose 0.1%, while France's CAC 40 fell 0.2%, and the UK's FTSE 100 rose 0.1%, while Germany's DAX index rose 0.3%.