By Justin Pei
Rochester — European shares hit a record high on Monday alongside U.S. index futures as China revealed plans to cut interest rates and corporate fees in order to limit the economic impact of the coronavirus on the world’s second largest economic, providing investors hope that the outbreak’s long term effects on the global economy could be limited.
China revealed plans on monday to cut interest rates and corporate fees in order to limit the economic impact of coronavirus. The People’s Bank of China injected 100 Billion Yuan into its financial system .
The pan-European Stoxx 600 rose 0.3% to 432 points, slightly below last week’s record high in early market trading. Gains in the Stoxx 600 index were led by automakers.
Automobile stocks rose 2% as the Chinese market is vital to European companies as part of their supply chain.