European stocks advanced Monday morning, remaining just below record highs, after China’s central bank cut interest rates in a bid to aid its economy amid the coronavirus outbreak.
The pan-European Stoxx 600 added 0.3% at the opening bell at 431.70, autos climbing 1.5% to lead gains as all sectors and major bourses entered positive territory.
The People’s Bank of China (PBoC) announced on Monday that it would provide medium-term funding of 200 billion yuan ($29 billion) to commercial lenders and cut its main interest rate by 10 basis points to 3.15%.
Source : CNBC