European shares bounced back on Tuesday after recording their worst losses since June 2016 in the previous session, with investors assessing the economic hit of a coronavirus outbreak that has spread far beyond China.
Markets across the globe attempted to stabilize, with the pan-European STOXX 600 index (STOXX) rising 0.6%.
After a 5.4% tumble on Monday, Milan-listed shares (FTMIB) rose 0.6%. Italy is struggling with the worst flare-up of coronavirus cases in Europe, with 220 cases reported and seven dead.
Airline stocks, which took the biggest hit on Monday, edged higher. Lufthansa (DE:LHAG), EasyJet (L:EZJ) and Ryanair (I:RYA) rose between 0.6% and 1.4%.
Prudential Plc (L:PRU) rose 2.9% after hedge fund Third Point LLC amassed a more than $2 billion stake and called on the British insurer to split into two companies.
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