European index futures surge despite SocGen woes

LONDON, Jan 24 (Reuters) – European index futures surged in early trade on Thursday, indicating hefty gains when the stock markets open at 0800 GMT as hopes of a U.S. rescue plan on bond insurers lifted Wall Street and Asian shares.

By 0713 GMT, Euro Stoxx50 futures, DAX futures and CAC-40 futures were 3.3 to 3.8 percent higher.

The Dow Jones industrial average gained nearly 300 points, or 2.5 percent on Wednesday as news of a meeting between New York regulators, bond insurers and their customers lifted the market out of negative territory in late afternoon on Wall Street.

However, Societe Generale (SOGN.PA) will be in focus after the French bank said it had uncovered a fraud by one of its traders which will have a 4.9-billion-euro negative impact on the group.