European markets opened sharply higher Monday as investor sentiment is boosted by promises of a coordinated global monetary policy response to mitigate the economic impact of the coronavirus outbreak.

The pan-European Stoxx 600 climbed 1.3% i nearly trade, with oil and gas stocks adding 2.9% to lead gains as all sectors and major bourses entered positive territory.

Hopes are rising that central banks could introduce stimulus measures to lessen the impact of the outbreak on the global economy. Those come amid a sharp increase in coronavirus cases outside of China, including in the U.S and Europe.

In total, there have now been more than 87,000 cases of the virus confirmed globally and over 3,000 deaths. The U.S. reported its second death from the virus and New York reported its first case Sunday.

Source: CNBC