BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks rebounded on Monday as weak China data helped spur bets that major central banks will step in to counter the impact of the coronavirus epidemic on global growth.
The U.S. Federal Reserve is likely to join other global central banks in cutting interest rates aggressively in response to the coronavirus scare, Goldman Sachs economists said Sunday.
The Bank of Japan signaled today that it will make every effort to ensure stability in financial markets roiled by the coronavirus outbreak.
The Bank of England said it would take all necessary steps to maintain market stability.
Meanwhile, Eurozone manufacturing activity contracted only marginally and at the slowest pace for the past year in February, final survey data from IHS Markit showed.
The factory Purchasing Managers' Index rose to 49.2 in February from 47.9 in January. This was slightly above the flash score of 49.1.
U.K. manufacturing output hit a ten-month high last month, though the PMI reading came in slightly below analyst expectations.
The pan European Stoxx 600 was up 0.2 percent at 376.47 after plunging as much as 12 percent last week.
The German DAX was down 0.1 percent, giving up all early gains. France's CAC 40 index was rising 0.2 percent while the U.K.'s FTSE 100 was climbing 1 percent.
Telecoms equipment maker Nokia advanced 1.6 percent on news its long-time Chief Executive Officer Rajeev Suri will step down in September.
Miners advanced as weak factory activity data out of China fueled hopes of more policy stimulus. Anglo American rose over 2 percent, Antofagasta rallied 3 percent and BHP added 1 percent.
Oil & gas company BP Plc climbed 2.2 percent and Royal Dutch Shell jumped 2.5 percent as oil prices jumped over 3 percent, reversing an early fall to multi-year lows.
Accounting software provider Sage Group gained more than 2 percent after it entered an agreement for the sale of its Brazilian business to local management for approximately 1 million pounds payable on completion, plus deferred consideration of up to 9 million pounds.
Boeing supplier Senior Plc surged 6.5 percent as it beat expectations for profit in 2019.
MorphoSys AG shares rose over 1 percent. The U.S. FDA has accepted filing of the company's Biologics License Application and granted priority review for its investigational anti-CD19 antibody, tafasitamab.
Cloud and ICT provider QSC surged 8 percent after unveiling its fiscal 2019 results.
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