FRANKFURT, July 7 ― European shares closed at their highest in nearly a month yesterday, as upbeat economic data tied in with a rally in China's markets on hopes of recovery from a coronavirus-induced slump. The pan-European STOXX 600 climbed 1.6 per cent on broad-based gains, with Asia-focused...
Tuesday, 07 Jul 2020 07:56 AM MYT
The pan-European STOXX 600 climbed 1.6 per cent on broad-based gains, with Asia-focused lender HSBC jumping 6.6 per cent to lead Europe's battered banks index almost 4 per cent higher. “Trading exuberance in China, improving economic data, and hopes for renewed stimulus efforts,” support the day's rally, said Edward Moya, senior market analyst at OANDA, New York. He added that markets will continue to overlook increases in US Covid-19 cases until fatality numbers surge.
Europe's STOXX 600 has recovered about 37 per cent since March lows driven in part by large stimulus measures and vaccine hopes, but its still remains about 10 per cent lower for the year.
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