Europe: Stock markets stage modest rebound at open

[LONDON] European stocks rebounded somewhat at the open on Tuesday, after dizzying declines across the globe the day before sparked by fears about the economic fallout of the coronavirus.

At the start of trade, London's benchmark FTSE 100 index of leading blue-chip firms ticked 0.5 per cent higher to 7,194.73 points.

In the eurozone, Frankfurt's DAX 30 index won 0.6 per cent to 13,119.14 points and the Paris CAC 40 also increased 0.6 per cent to 5,827.70 compared with the close on Monday.

Global stocks were hammered Monday as fears mounted that the new coronavirus would derail economic growth.

Stock prices in Frankfurt and Madrid fell by 4.0 per cent, Paris shed 3.9 per cent and London lost 3.3 per cent.

News at the weekend that COVID-19 was now spreading and claiming lives far beyond China sparked a rout on trading floors across the world, with the Dow on Wall Street suffering its worst day in two years.

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AFP