European stocks trade higher on stimulus hopes
European stocks traded higher on Tuesday morning as investors continue to hope that global central banks will introduce monetary policy measures to mitigate the economic impact of the coronavirus.
The pan-European Stoxx 600 jumped 2.8%, with basic resources climbing 3.4% to lead gains as all sectors and major bourses traded in positive territory.
Global markets have rebounded on hopes that central banks will coordinate some kind of monetary policy response to lessen the economic impact of the coronavirus. Global financial ministers and central bankers will hold a conference call on Tuesday to coordinate their response to the outbreak.
The teleconference call will be led by U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell on Tuesday at 7 a.m. ET, CNBC’s Steve Liesman reported. Representatives of the Group of Seven (G-7) industrialized nations will attend the call.
Qiagen shares leaped 19% after announcing that Thermo Fisher Scientific launched a $12 billion bid for the German genetic testing company.
British generator supplier Aggreko surged 7.1% in early trade after posting promising full-year results, while Lufthansa led an attempted recovery for embattled airline stocks to climb 7.6%.
Very few stocks on the European benchmark began Tuesday’s session in the red, with bottom-of-the-pile Hiscox slipping 3.3% after a surge on Monday.
