European stock markets advance, lifted by ECB's Coeure comments

European shares gained ground on Tuesday after a leading European Central Bank (ECB) official said the ECB would front-load an asset purchase scheme, aimed at boosting growth, over the coming two months.

Benoit Coeure, an executive board member at the ECB, said the ECB would front-load asset purchases in May and June due to low market liquidity in July and August.

Coeure added that a recent European government bond market selloff was a normal correction but the rapidity of the adjustment was worrisome and indicated "extreme volatility" in the market.

Coeure's comments pushed down the euro and lifted European stocks. The pan-European FTSEurofirst 300 index rose 1.3%, while Germany's DAX gained 1.6%.

Among individual stocks, media group Reed Elsevier rose by 2.2% after Goldman Sachs raised its rating on the stock to "buy" from "neutral".

However, Vodafone fell 1.9% as some traders said that the mobile network operator's guidance had been slightly below forecasts, even though Vodafone returned to quarterly sales growth.