* Traders eye G7 meeting for signs on stimulus action
* BP, Shell track oil prices higher
* Marketing firm 4imprint jumps on minimal virus impact
* FTSE 100 up 2.1%, FTSE 250 adds 2.4%
(Adds comments, details; updates prices)
By Devik Jain and Shivani Kumaresan
March 3 (Reuters) - London's FTSE 100 index rose for a
second straight day on Tuesday, as traders bet on a clear sign
from Group of Seven central bankers on further monetary stimulus
to shield the global economy from the fallout of the coronavirus
epidemic.
A source close to the G7 told Reuters they would not detail
any fiscal or monetary steps on a conference call on Tuesday,
but world stocks gained on expectations that the group would
indicate it was ready to act if needed.
Britain's blue-chip index added 2.1%, while the
domestically focussed mid-cap index rose 2.4%.
All but three stocks on the FTSE 100 were trading higher,
with miners and airlines up between
2.2% and 2.8%, after a dramatic rout last week that erased over
$5 trillion from global equity markets.
"Global central banks, while not equipped to deal with a
pandemic directly, have the tools to short-circuit the brutal
sell-off," said Vishnu Varathan, head of economics at Mizuho
Bank.
Australia's central bank cut interest rates to a record low
on Tuesday, while those in Japan, Britain, France and the United
States have signalled willingness to inject more cash into the
system.
But analysts have expressed doubt about the efficacy of
interest rate cuts amid severe disruptions to the supply chain.
Several multinational companies including Rio Tinto and
Diageo have flagged a hit to profits this year.
"(A rate cut) maybe just helps put a floor under equity
markets but it doesn't do anything for the real economy; it
doesn't actually support earnings because it doesn't make people
go out more or spend more money in restaurants," said Neil
Wilson, chief analyst at Markets.com.
British Prime Minister Boris Johnson is set to unveil an
action plan on Tuesday as the number of virus infections in the
country rose to 39 and factories reported a big jump in delays
in their supply chains.
Marketing firm 4imprint Group jumped 9.2% and was
on course for its best day in over a year after saying it had so
far seen minimal impact from the health crisis.
Oil majors BP Plc and Royal Dutch Shell Plc
gained 1.9% and 2.6%, tracking oil prices.
Aggreko, the world's largest temporary power
provider, surged 7.4% and was eyeing its best day in over seven
months as it kept its 2020 targets and said preparations for the
Tokyo Summer Olympics were "progressing well".
But precious metals miner Fresnillo slid 4.9% after
posting disappointing annual results as low-grade ore hit
production and it curtailed operations at its Noche Buena mine
in Mexico.
(Additional reporting by Sagarika Jaisinghani in Bengaluru;
Editing by Bernard Orr)
