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Europe: Stock markets extend gains
[LONDON] European stock markets rose in early deals Tuesday, extending gains won in the previous session, as traders weighed up global stimulus efforts to tackle the economic fallout from the coronavirus.
London jumped 2.4 per cent, Frankfurt climbed 2.3 per cent, Paris advanced 1.6 per cent, Milan gained 1.9 per cent and Madrid was up 1.8 per cent.
A sharp rebound in oil prices and data showing a surprise increase in Chinese factory orders also helped sentiment.
"China provided Western investors with a light at the end of the tunnel," said Connor Campbell, analyst at Spreadex trading group.
China is slowly returning to a semblance of normal life after months of tough restrictions which locked up millions of people at home and brought economic activity to a near standstill.
"Chinese factory data overnight gave a flicker of hope that the world's second largest economy is firing back up, despite large parts of the world grinding to a halt," said City Index analyst Fiona Cincotta.