INSUBCONTINENT EXCLUSIVE:
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 rose 1.8 per cent by
0818 GMT, after a 12 per cent slump last week, with miners and oil - gas companies 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
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 United States 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 , up 4.6 per cent 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.