European stocks rose Monday on hopes that central banks across the world will deliver interest-rate cuts.

The Stoxx Europe 600

SXXP, +0.02%

 climbed 0.3% to 376.64, gains that were well off early highs of the day.

Futures on the Dow Jones Industrial Average

YM00, +0.64%

 added 179 points, following a week in which the Dow

DJIA, -1.39%

 slumped by 10%, its worst showing since the financial crisis.

After European stock markets had closed on Friday, Federal Reserve Chairman Jerome Powell said the central bank was willing to act as appropriate to help the U.S. economy. In addition, Bank of Japan Gov. Haruhiko Kuroda said the Japanese central bank would “provide ample liquidity and ensure stability in financial markets through appropriate market operations and asset purchases.”

As measured in the futures markets, there’s now a 63% chance the Bank of England will cut interest rates by a quarter point at its March 26 meeting.

“The market’s growing hopes regarding potential rate cuts on a global scale may ensure a rather cheerful mood for the time being,” said Marc-André Fongern, head of FX research at Fongern Global Forex.

The gains came even after dreadful data showing the Chinese economy’s deep downturn in February.

The deadly coronavirus kept spreading, claiming its first two fatalities in the United States as cases reached 89,074 worldwide.

Italy announced a €3.6 billion stimulus package as Rome will ask Brussels to break European Union rules limiting budget deficits.

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