European Markets Close Higher, Buoyed by China's Stimulus Measures
European stocks closed higher Tuesday, buoyed by China's central bank monetary stimulus measures.
The pan-European Stoxx 600 index provisionally ended up 0.6%, with most sectors and major bourses in positive territory. Mining stocks led the gains, up around 4.5%, as China's stimulus measures provided a boost for commodities.
The positive sentiment comes after Asia-Pacific markets climbed overnight following Beijing's announcement of a range of policy easing measures in a bid to stimulate the economy.
In a rare briefing, Pan Gongsheng, governor of the People's Bank of China, said the central bank will cut the reserve requirement ratio for banks by 50 basis points, although it did not provide a specific timeline.
The PBOC also announced it would cut the seven-day reverse repurchase rate from 1.7% to 1.5%, among other measures.
Source : CNBC
