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European stocks close higher as traders monitor coronavirus
Monday, 17 February 2020 23:38 WIB | MARKET UPDATE |Saham Eropa

European stocks closed higher Monday after China™s central bank cut interest rates in a bid to aid its economy amid the coronavirus outbreak.

The Stoxx 600 closed provisionally up more than 0.3%, with the pan-European benchmark hitting a fresh record high. Autos climbed 1.2% to lead gains while tech stocks bucked the risk-on trend to fall 0.3%.

The People™s Bank of China, or PBOC, announced on Monday that it would provide medium-term funding of 200 billion yuan ($29 billion) to commercial lenders and cut its main interest rate by 10 basis points to 3.15%.

The move is intended to shield the economy from the fallout of the coronavirus, which has now infected over 70,000 people and killed 1,770, according to China™s National Health Commission.

Source: CNBC

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