Global stocks edged higher Wednesday, regaining their footing after an emergency rate cut by the Federal Reserve a day earlier prompted some investors to question how much central banks can do to offset the economic impact of the novel coronavirus.

Futures tied to the S&P 500 rose 1.5%, suggesting the benchmark U.S. index might claw back some of the steep losses it incurred following the Fed’s rate cut. In Europe, the Stoxx Europe 600 rose 0.5% after a mixed session in Asia. Bond yields hovered near record lows.

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