European markets advanced Wednesday morning as investors continue to watch the spread of the coronavirus, oil prices and geopolitics.

The pan-European Stoxx 600 climbed 1.9% in early deals, utilities stocks adding 3% to lead gains as all sectors and major bourses entered positive territory.

The Bank of England (BOE) on Wednesday morning announced an emergency cut to interest rates in an attempt to limit the economic impact from the new coronavirus.

The central bank lowered its main interest rate from 0.75% to 0.25% and announced a new term-funding scheme to support small and medium-sized businesses, along with measures to help commercial banks lend more.

Source : CNBC