(RTTNews) – European stocks rose sharply on Tuesday, following the previous day’s plunge, when markets saw their biggest falls since the 2008 financial crisis, amid increased anxiety around the economic hit from the coronavirus outbreak and the oil price plunge to multi-year lows.
Underlying sentiment improved somewhat as oil prices rebounded and U.S. President Donald Trump said he will seek a payroll tax cut and “very substantial relief” for industries that have been hit by the virus.
Elsewhere, Japan is expected to approve a financial aid package worth 1.1 trillion yen ($10.7 billion) for small and medium-sized enterprises which need financing over the next two to three weeks.
The pan European Stoxx 600 was up as much as 3.6 percent at 351.60 after tumbling as much as 7.4 percent in the previous session.
The German DAX rallied 3.3 percent, France’s CAC 40 index surged 3.8 percent and the U.K.’s FTSE 100 climbed 3.9 percent.
Geberit rose 2 percent. The Swiss multinational group specialized in manufacturing and supplying sanitary parts and related systems reported fiscal 2019 net income of 646.9 million Swiss francs compared to 597.2 million francs, previous year.
Bakery business Aryzta jumped 8 percent after reporting a rise in its first half core earnings.
Chipmaker Infineon Technologies soared 9.3 percent after U.S. officials found no national security concerns with its proposed $10 billion takeover of U.S. firm Cypress Semiconductor Corp.
Energy generation and energy trading company Uniper SE, a subsidiary of E.ON SE, gained 3.3 percent. The company posted net income of 610 million euros for fiscal year 2019, compared to a net loss of 401 million euros in the prior year.
Deutsche Post DHL Group rallied 6.8 percent after its net profit for fiscal year 2019 increased 26.4 percent.
BP Plc shares jumped 5.3 percent and Royal Dutch Shell soared 8 percent as oil prices saw some recovery after falling as much as 30 percent on Monday.
Miners Anglo American, Antofagasta and Glencore jumped 4-6 percent.
Informa shares surged 6 percent. The world’s largest exhibitions group reported that its fiscal 2019 profit before tax grew 13 percent to 318.7 million pounds from 282.1 million pounds.
Domino’s Pizza Group soared 6.5 percent. The company announced the appointment of Matt Shattock as a Director and Chairman with effect from March 16.
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