European stocks were higher this evening, as the European Union's disease control agency lifted its risk level for the novel coronavirus. 

London's FTSE index gained 74 points (1.1%) to stand at 6,654. The Paris CAC was down 23 points (0.45%) to 5,333 and the Frankfurt DAX lost 83 points (0.7%) to trade at 11,895.

Dublin's ISEQ index was marginally lower this evening, falling by 10 points (0.15%) to trade at 6,387. Shares in the banks were lower with AIB down 4.5% to €2.0, while Bank of Ireland shed 2.26% to €3.28. Shares in Ryanair dropped another 4.9% to stand at €11.65, after the airline announced it was reducing its flight schedule to Italy for three weeks. 

US stocks bounced back from recent losses, as the focus turned to assurances of central bank stimulus to counter the economic fallout from the coronavirus outbreak. 

The Dow Jones rose 726 points (2.85%) to stand at 25,590 by 6.10pm, while the Nasdaq Composite gained 261 points (3.2%) to reach 8,731.

Earlier, Asian markets rose as bargain-buyers moved in following last week's global rout. Tokyo's Nikkei index gained 201 points (0.9%) to finish at 21,344 while the Hang Seng index in Hong Kong added 162 points (0.6%) to close at 23,291.

"Volatility is really the key word," said Lee Evans, head of FX trading and strategy at Bank of Ireland.

"We saw a huge move lower in markets initially this morning, however the Bank of Japan came in offering more liquidity to markets which has seen a bounce since then."

The US Federal Reserve also made an unplanned statement on Friday to reassure markets that it would provide support - though it is unclear whether the European Central Bank can realistically match those kinds of pledges.

"There's over 100 basis points of cuts priced in by the Federal Reserve before the end of the year - so that's four interest rate cuts of 25 basis points; the ECB rates are already very low and there's a lot of liquidity there," Mr Evans said.

"So the focus for Europe is really the fiscal stimulus... any increase in that by European governments is likely to have a significant impact on the markets," he added.