US Treasury secretary Steve Mnuchin testifies before lawmakers on Tuesday. Photo: Nicholas Kamm/pool via ReutersMore

Stocks in Europe rose on Wednesday after US Treasury secretary Steve Mnuchin urged lawmakers to approve new stimulus measures to tackle the economic fallout from the coronavirus pandemic.

Signalling that the Trump administration may be willing to support a package worth as much as $1.5tn (£1.1tn), Mnuchin also suggested that he was willing to consider Democratic proposals to provide more funding for state and local governments.

While both sides remained locked in dispute on Tuesday, the funding has been one of the key stumbling blocks in the protracted standoff between Democrats and Republicans.

The pan-European STOXX 600 index (^STOXX) rose by around 1.7%, while London’s FTSE 100 (^FTSE) was up by more than

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