China’s markets showed tentative signs of recovery today after the Shanghai Composite closed up 5 percent higher at 3,083.59, restoring confidence in the global markets.

In early European trading, both the FTSE 100 and Germany’s DAX were up more than 2 percent. Shares on Wall Street also saw their biggest rise in four years.

US Federal Reserve official William Dudley also commented that the recent events may be enough to push back a rate rise from the expected September date, lifting the mood further.

Oil prices are also see a hike from their rock bottom prices as market volatility begins to calm.