European Shares Rise As New Virus Cases Fall For Second Day

European stocks rose on Wednesday after the number of new coronavirus cases in China fell for a second day running.

Markets also remain hopeful that China will cut its benchmark loan prime rate Thursday to offset the economic damage caused by the coronavirus outbreak.

In economic releases, official data showed that U.K.consumer price inflation rose an annual 1.8 percent in January, compared with 1.3 percent in December, boosted by higher petrol prices and a smaller-than-usual drop in airfares.

The pan European Stoxx 600 climbed 0.65 percent to 433.07 after declining 0.4 percent in the previous session.

The German DAX rose half a percent, while France's CAC 40 index and the U.K.'s FTSE 100 gained around 0.7 percent each.

Shares of Deutsche Telekom AG jumped nearly 3 percent after the German telecom giant reported a profit in its fourth quarter, compared to last year's loss. The company also projects higher results in fiscal 2020.

Shares of Puma SE surged 8 percent. The sportswear firm reported higher earnings and sales in the fourth quarter and projected growth in fiscal 2020.

Miners were broadly higher on expectations of more policy stimulus from China. Anglo American, Antofagasta and Glencore all rose over 1 percent.

Berkeley Group Holdings climbed 3.1 percent, while Persimmon and Taylor Wimpey rose over 1 percent each. Group fell 2.7 percent. The company announced that Mark Lewis plans to step down as Chief Executive.

RPS Group shares slumped as much as 13 percent. Profits at the energy and environmental consultancy firm tumbled 88 percent in 2019.

Hochschild Mining surged 6.5 percent after reporting a rise in full-year profit.

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