World Economy

Rosier Day for Europe Stocks

Rosier Day for Europe Stocks Rosier Day for Europe Stocks

After what is being dubbed “Black Monday,” there appeared to be a rosier Tuesday in store for the markets–in Europe at least. Shares made gains after €450 billion was wiped off the value of leading stocks, Euronews reported. The pan-European FTSEurofirst 300 index, which slumped 5.4% on Monday, rose 1.8%, while the eurozone’s blue-chip Euro STOXX 50 index advanced 1.9%. Britain’s FTSE 100 and Germany’s DAX also bounced back from a 5% drop on Monday, to climb by 1.5% and 1.7% respectively. Global financial markets have been rattled by China’s devaluation of the yuan and a sell-off in the markets. Stocks slumped in China again on Tuesday–by 7%–to their lowest level since December. Asian stocks fell as trading volume soared and swings on the regional equity gauge broadened to the widest since March 2011. The MSCI Asia Pacific Index lost 0.7% to 124.96 in Hong Kong on Tuesday, on course to close in a bear market. The measure is down 21% from an April peak that marked its highest level since 2008.