European markets opened higher, buoyed by the People’s Bank of China’s (PBOC) recent suite of easing measures. Mining stocks are expected to gain from the strong price rally in key metals.
Major European benchmarks opened higher on Tuesday morning, following the People’s Bank of China’s (PBOC) announcement of additional easing measures aimed at achieving its 5% annual growth target.
Euro Stoxx 50 futures were up 1.14%, FTSE 100 futures rose 0.52%, and DAX futures advanced 0.73%.
China unveils the biggest package to boost its economy
Following the Federal Reserve’s jumbo rate cut last week, the People’s Bank of China (PBOC) announced a 0.5% cut to the Reserve Requirement Ratio (RRR), which represents the percentage of deposits banks are required to hold in reserves with the central bank.
This rare move was accompanied by a 0.2% reduction in the seven-day repo rate. In addition, the PBOC unveiled a historic…
