Europe’s Stoxx 600 hits record high on global recovery optimism

Europe’s benchmark equity index hit a record high on Tuesday, recovering all of its pandemic-driven losses as investors bet on a speedy global economic recovery, spurred by bumper stimulus spending and Covid-19 vaccination programmes.

European traders returned from a long weekend to push the continent-wide Stoxx 600 index 0.9 per cent higher at 436.16 points, surpassing its previous life-high of 433.90 points set in February 2020. It has climbed more than 60 per cent from virus-induced lows hit last year.

The German Dax rose 1.0 per cent to add to its recent record-setting rally, France’s CAC 40 was up 0.8 per cent and UK’s Ftse 100 jumped 1.3 per cent.

Wall Street’s main indexes also notched all-time highs on Monday after data pointed to a strong US labour market recovery and services sector activity, helping lift investors’ mood even as coronavirus cases spike globally.

Global stocks gain after bumper US jobs data

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Deliveroo shares sink 30% in London debut

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European shares hit record highs over prospect of vaccine boost and US spending

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Global markets shook as Nomura and Credit Suisse warn of losses

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Swiss bank Credit Suisse inched up 0.4 per cent after sharp losses last week as it announced an estimated loss of 4.4 billion Swiss francs ($4.7 billion) from its relationship with Archegos Capital Management. – Reuters