European markets traded higher Thursday morning after the European Central Bank launching a 750 billion euro ($820 billion) bond-buying program designed to help the region's economy through the coronavirus outbreak.
After a mixed start, the pan-European Stoxx 600 advanced 1.5% in early trade, with telecoms jumping 3% to lead gains while beleaguered travel and leisure stocks edged 0.3% lower.
On Wednesday, the European Central Bank announced a new "Pandemic Emergency Purchase Programme" that will use 750 billion euros to purchase securities to help support the European economy.
"The ECB will ensure that all sectors of the economy can benefit from supportive financing conditions that enable them to absorb this shock," the central bank said in a release. "This applies equally to families, firms, banks and governments. The Governing Council will do everything necessary within its mandate."
Data published Thursday showed German business sentiment plummeting in March. The preliminary ifo Business Climate Index plummeted from 96.0 points in February to 87.7 points in March, the biggest drop since 1991 and bringing the index to its lowest level since August 2009.
So far, markets have not been impressed with government pledges to tackle the virus. Global stocks fell Wednesday despite Western governments promising to unleash billions of dollars to help businesses and citizens get through the coronavirus pandemic.
There are over 218,000 confirmed cases of the virus worldwide and at least 8,800 lives have been taken by the disease, according to the latest data from Johns Hopkins University.
U.S. futures contracts tied to the major U.S. stock indexes reversed course to rise midway through Thursday morning, signaling some reprieve for Wall Street.
The moves followed yet another violent day for stateside stocks on Wednesday as investors swung back to pessimism after Tuesday's 6% bounce.
Biggest movers
Austrian oil and gas company OMV climbed 20% to lead gains among European blue chips by mid-morning, while Switzerland's Logitech and French insurer CNP Assurances both gained more than 15%.
At the bottom of the Stoxx 600, embattled cinema operator Cineworld gave up 35% gains to swing 35% below the flatline, while Virgin Money U.K. plunged 27%.
— CNBC's Thomas Franck and Eustance Huang contributed reporting to this story.
https://news.google.com/__i/rss/rd/articles/CBMiZ2h0dHBzOi8vd3d3LmNuYmMuY29tLzIwMjAvMDMvMTkvZXVyb3BlYW4tbWFya2V0cy1zaHVuLWVjYi1zdGltdWx1cy1wYWNrYWdlLWFuZC1oZWFkLWZvci1sb3dlci1vcGVuLmh0bWzSAWtodHRwczovL3d3dy5jbmJjLmNvbS9hbXAvMjAyMC8wMy8xOS9ldXJvcGVhbi1tYXJrZXRzLXNodW4tZWNiLXN0aW11bHVzLXBhY2thZ2UtYW5kLWhlYWQtZm9yLWxvd2VyLW9wZW4uaHRtbA?oc=5
2020-03-19 09:41:28Z
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