Both the pan-European STOXX 600 index and Germany’s DAX reached record highs before paring some gains. [.EU] The MSCI All-Country World Index, which tracks shares across 47 countries, was up 0.01% by midday.
Global shares inched higher on Monday as the promise of further policy stimulus from China to counteract the economic hit from a coronavirus outbreak calmed nervous investors.
Trading is expected to be light, with U.S. stocks and bond markets shut for a public holiday.
Both the pan-European STOXX 600 index and Germany’s DAX reached record highs before paring some gains. [.EU] The MSCI All-Country World Index, which tracks shares across 47 countries, was up 0.01% by midday.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.14% to near last week’s peak of 558.30, its highest since late January.
The gains were led by China, whose blue-chip index climbed 2.25% after the country’s central bank lowered a key interest rates and injected more liquidity into the system.
Also whetting risk appetite was an announcement by China’s finance minister on Sunday that Beijing would roll out tax and fee cuts.
“Traders are mindful of the fact the Chinese authorities intervened in the financial markets at the beginning of the month when the domestic stock markets reopened after the Lunar New Year celebrations,” said David Madden, market analyst at CMC Markets in London.
“Some dealers hold the view that Beijing will intervene in the markets again should the situation get much worse, which could explain the resilience of equity markets.”
Fears about the jolt to the world economy from the coronavirus lingered, though, as the number of reported new cases in China rose to 2,048 as on Sunday from 2,009 the previous day.
“The latest numbers from the Hubei province still suggest that the infection pace is slowing after the sudden jump following the methodology changes last week,” Danske Bank said in a research note, highlighting that the number of new cases within China is the lowest since 23 January.
Restrictions were tightened further in Hubei over the weekend. Most vehicles were banned from the roads and companies told to stay shut until further notice.
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