European stocks rose early on Wednesday, as hopes the Federal Reserve may offer hints of further measures to boost the U.S. economy overshadowed brewing concerns over the euro zone debt crisis and helped shares bounce after a two-day sell-off.

At 8:04 a.m., the FTSEurofirst 300 <.FTEU3> index of top European shares was up 0.9 percent at 970.09 points after losing 5.5 percent in the past two sessions, hit by nagging fears over Italy's finances and Greece's surprise call for a referendum on a bailout plan.

Banks, which featured among the top losers on Tuesday, regained ground, with Societe Generale up 3.3 percent and UniCredit up 3.5 percent.

Despite the early rebound, market participants remain wary of the euro zone debt crisis.

The fears about the fate of the banking system remain high, as Greece's membership to the European Union is in the balance. Without the bailout plan, the country will go bankrupt, Sebastien Barthelemi, analyst at Louis Capital Markets, said.

The U.S. Federal Open Market Committee, which concludes its two-day policy meeting on Wednesday, may offer hints of further monetary easing to revive the U.S. economic recovery.

(Reporting by Blaise Robinson)