Stocks rebound from rout as Fed faces calls to cut rates early

Most equities rallied Tuesday after the previous day's global rout fueled by U.S. recession fears that have led to calls for the Federal Reserve Board to cut interest rates before its next meeting.

Tokyo, which suffered a record loss Monday, led the gains, soaring more than 10% as traders bought beaten-down stocks caught up in Monday's very bad day.

London edged up after shedding around 2% Monday, while Paris and Frankfurt were also higher.