Global stocks rally as China avoids meltdown

European stock markets rallied sharply Monday building on Asian gains after Shanghai avoided a sharp selloff on its return from holidays and banks were buoyed by HSBC's decision to stay in London. Frankfurt and Paris jumped about 3.0 percent and London won almost two percent, while Athens surged six percent and Milan soared 3.6 percent in value. Shanghai fell 0.6 percent -- but losses were modest considering traders were playing catch-up with last week's bloodbath across world stock markets.