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Euro Stocks End Higher on Surprise Fed Cut
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European stocks ended firmly higher Tuesday, with the exception of Frankfurt’s DAX, after the Federal Reserve attempted to calm market troubles by cutting U.S. benchmark interest rates by 75 basis points. The trading session was highly volatile, however, with the major indexes lurching between positive and negative territory.
European markets fell nearly 6 percent Monday, their biggest one-day drop since the Sept. 11, 2001 terrorist attacks in the U.S., on fears of a U.S. recession.
U.S. stocks were negative, but off early lows and Asian stocks ended sharply lower across the board.
"If you know the Fed you could have expected that it would try everything to calm down the situation," said Christian Schmidt, strategist at German regional bank Helaba.
"The structural problems have not gone away though," Schmidt added. "It is too early to give the all clear."
Meanwhile, French Economy Minister Christine Lagarde said that Monday's fall in major Asian and European stock markets was a "brutal correction" but added that the fundamentals of the European economy are solid, Reuters reported.
Some analysts said it was too early to say whether bargain-hunters would definitely step in to take advantage of the discounts.
"I think markets are deeply oversold…I think there are lots of opportunities out there, but there are early days, the markets are very volatile," Charles Morris, from HSBC Investment, told "Squawk Box Europe."
In corporate news, Roche Holding sealed its takeover bid for Ventana by raising its offer to $3.4 billion for the diagnostics maker.
- Reuters contributed to this report.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
