European shares steady as selling pressure eases

(Reuters) – 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 () rising 0.6%.

After a 5.4% tumble on Monday, Milan-listed shares () 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:), EasyJet (L:) and Ryanair (I:) rose between 0.6% and 1.4%.

Prudential Plc (L:) 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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