European Shares Seen Steady On Stimulus Hopes

European stocks are likely to open higher on Tuesday as markets in mainland China turned positive after Monday's plunge on fears related to the coronavirus outbreak.

Asian markets are trading mostly higher amid bets that Chinese policymakers will add more stimulus in an effort to offset the predicted economic impact of the rapid spread of coronavirus.

The toll in China rose to 425 as of the end of Monday, while the total number of infections in the country climbed to 20,438.

China said it would welcome assistance from the United States to fight the outbreak, a day after accusing Washington of scaremongering.

China earlier set the daily yuan fixing at stronger than 7 per dollar, a sign of support for the exchange rate. Gold was little changed and the dollar held firm while oil prices rose after steep losses in the previous session.

In economic releases, Purchasing Managers' survey results from the U.K. will be out later in the session, headlining a light day for the European economic news. Across the Atlantic, a report on factory orders is scheduled to be released later today.

U.S. stocks gained ground overnight as investors sought bargains after steep losses seen in the previous session. Positive manufacturing data also boosted sentiment. The tech-heavy Nasdaq Composite jumped as much as 1.3 percent, while the Dow rose half a percent and the S&P 500 added 0.7 percent.

After the closing bell, Google parent Alphabet beat estimates on the bottom line, but whiffed on revenue expectations.

European markets closed higher on Monday as Britain finally exited the European Union after four years of legal struggles and China's central bank unexpectedly lowered interest rates.

The pan European Stoxx 600 advanced 0.3 percent. The German DAX and France's CAC 40 index both rose around half a percent, while the U.K.'s FTSE 100 gained 0.6 percent.



by WooHoo Ireland


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