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European shares stabilise after worst week since 2008

Published 03/02/2020, 04:27 PM
Updated 03/02/2020, 04:32 PM
European shares stabilise after worst week since 2008
NOKIA
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STOXX
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SXEP
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SXPP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
March 2 (Reuters) - European shares steadied on Monday after
their worst weekly showing since the 2008 financial crisis, on
rising hopes that major central banks will step in to counter
the impact of the coronavirus epidemic on global growth.
The pan-European STOXX 600 index .STOXX rose 1.8% by 0818
GMT, after a 12% slump last week, with miners .SXPP and oil &
gas companies .SXEP leading the gains.
Sentiment firmed as bleak factory activity data out of China
fuelled hopes of more stimulus, even as new infections in the
country declined.
However, the virus continues to spread elsewhere. United
States reported its second death, while the United Kingdom
reported a total of 36 cases as of Sunday.
Italy, the worst-hit in Europe, saw death toll rise to 34,
five more than a day earlier. Investors are betting that the U.S. Federal Reserve will cut
interest rates by 50 basis points as early as March, while the
European Central Bank is expected to cut rates by a 10 basis
point (bps) at the April meeting.
Among the top gainers were telecoms equipment maker Nokia
NOKIA.HE , up 4.6% after saying long-time Chief Executive
Officer Rajeev Suri will step down in September. Final readings of manufacturing activity in Europe for
February are due later in the day.


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