Europe gains as German stocks hit record high after new coronavirus cases slow


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Europe gains as German stocks hit record high after new coronavirus cases slow

On Tuesday, the 11th of February 2020, a basket of European bourses had hit fresh record closing highs as demand concerns linked to China’s Wuhan coronavirus epidemic eased following reveal of a report from China’s top medical advisory board that the new coronavirus cases had started off to slow down, an indication that the epidemic might soon reach its peak and then would likely to reach a plateau phase before easing by end-April.

Apart from the coronavirus update, as Chinese workers were slowly returning back to work following a nearly 15-day long Lunar New Year holidays, shares exposed to China trading had rumbled following weeks of tattering in the toils, while German bourse had also hit a record closing peak.

Besides, amid optimism that the coronavirus epidemic in China might soon reach its peak and would likely to ease by March or April, the regional pan-European STOXX 600 gained as much 0.9 per cent to notch a new record closing high of 428.30.

Meanwhile, referring to the resilience of Chinese economy that declined to bow down to a fast-spreading epidemic, an analyst at CMC markets in London, David Madden said on Tuesday’s (February 11th) European market closure, “Some aspects of the Chinese economy are beginning to return to work- Maybe China isn’t going through the complete grind to halt that we were pricing in a week ago.

Even with the health crisis getting worse, the economy in China is possibly in better shape than we initially thought”. Quoting statistics, on Tuesday’s (February 13th) European market wrap-up, London’s FTSE 100 gained 0.71 per cent to 7,499.44 and French CAC 40 rose by 0.65 per cent to 6,054.76, while Frankfurt’s DAX climbed 0.99 per cent to notch a new record closing high of 13,627.84.

Elsewhere in the Europe, Madrid’s benchmark IBEX 35 jumped 0.68 per cent to 9,882.60, while Italy’s FTSE MIB had curtained off the day 0.74 per cent higher to 24,688.89.