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Danish stocks bounce back after global plunge

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Danish stocks bounce back after global plunge
European stocks rebounded Tuesday in early deals, despite another rampant sell-off in China. Photo: Eric Piermont/Scanpix
13:00 CEST+02:00
The C20 Cap Index stock exchange bounced back on Tuesday following a slump after crashing financial markets in China and elsewhere in Asia sent ripples around the world.
After falling 4.7 percent on Monday, Danish blue chips were up by 3.3 percent by midday on Tuesday as other European bourses also appeared to make a comeback. 
 
Monday was the worst day ever for the C20, the Copenhagen Stock Exchange’s elite index covering Denmark’s 20 largest publically-traded companies. The index fell by 4.7 percent and according to Berlingske Business, investors have lost a combined total of 357 billion kroner on the index over the past three weeks. 
 
 
Tuesday’s action in Copenhagen followed the general trend in Europe, which saw the UK's FTSE as well as Germany's Dax and the French CAC 40 recuperating by 1.7 percent in early trading while shares in Italy rose 2.0 percent. Stockholm’s stock exchange also rose by 3.1 percent in the first hour of Tuesday trading. 
 
On the other side of the Atlantic, Wall Street was also expected to bounce back at the opening of trading later in the day, after suffering its biggest one-day loss in four years on Monday.
 
However, the Shanghai composite continued to fall on Tuesday, closing down 7.6 percent, following a period of unstable markets since a shock currency devaluation in China almost a fortnight ago. Tokyo's Nikkei index closed down 4.0 percent.
 
China’s central bank announced on Tuesday that it will cut its lending and deposit rates by 0.25 percent in an effort to shore up its markets. 
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