London's FTSE 100 moved ahead by late morning, despite banking shares taking a hammering. Royal Bank of Scotland - which lost 40% at one point - fell 17%.
Having shed 7.8% in the previous session, the key London index was up 0.6%. France's Cac-40 index added 1.6%.
Japan's Asian markets were mixed as traders reacted to the turmoil.
Japan's Nikkei 225 index sank more than 5% - below the 10,000-point barrier - before recovering slightly to close down 3%.
However Australia's financial markets rallied after the country's central bank cut its official interest rate from 7% to 6%.
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