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Europe shares recover after worst week since 2008

UNITED STATES (OBSERVATORY NEWS) — European stocks are recovering on Monday after the record fall since last week since the financial crisis of 2008 last week thanks to increased hopes that leading central banks will take measures to mitigate the effects of coronavirus on global growth.

The pan-European STOXX 600 index rose 1.67% to 11:47 UTC after falling 12% last week.

Market sentiment improved after weak data on China’s manufacturing activity strengthened hopes for new incentive measures, despite the fact that the number of new infections in the country decreased. However, the virus continues to spread in other countries.

The United States reported a second death from coronavirus, while the United Kingdom reported 36 infections as of Sunday.

Investors expect the Fed to cut interest rates by 50 basis points in March, and the European Central Bank – by 10 basis points at the April meeting.

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