While North American markets were closed Monday, European stocks rose as investors took encouragement from several Asian countries pledging to support China in the face of the coronavirus outbreak.
Gains in the Stoxx Europe 600 Index were led by automakers and telecoms shares. U.S. equity-index futures climbed, though Wall Street was shut for the President’s Day holiday and Treasuries weren’t trading. European bonds were mixed, while the euro ticked higher after closing on Friday at its lowest level since 2017.
China’s benchmark CSI 300 Index has recouped its losses since trading resumed from the Lunar New Year break, after the central bank this weekend unveiled plans to reduce corporate taxes and fees. The momentum failed to buoy most Asian markets, however. Stocks dipped in Seoul and Sydney, while Japan’s Topix Index dropped after data showed the country’s economy shrank the most in five years in the last quarter.
Investors were encouraged though after China’s central bank said it will let banks run up more non-performing loans. Hubei, the province at the epicenter of the outbreak, reported 1,933 new cases of the coronavirus, slightly higher than a day earlier. More than 3,000 travelers on two coronavirus-stricken cruise ships are returning home, fanning out to more than 40 countries.
Elsewhere, Bitcoin fell as much as 7.3% from Friday, slipping back below $10,000 U.S. WTI crude oil held at about $52 U.S. a barrel.
