European shares hit record highs on Kering gains, fewer new coronavirus cases

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European shares hit record highs on Kering gains, fewer new coronavirus cases

On Wednesday, the 12th of February 2020, a basket of European bourses alongside the regional pan-European STOXX had spiked to fresh closing highs following robust gains from Gucci-owner Kering SA alongside a revived optimism on China demands after a top Chinese health advisor was quoted saying that the number of new coronavirus infections were slowing down, suggesting a much earlier-than-anticipated recovery over the financial fronts, which eventually had eased concerns related to China demands and added to investors’ optimisms.

On top of that, following robust gains of French luxury group Kerning SA that surged as much as 10 per cent on Wednesday’s (February 12th) after-market trading alongside an reinvigorated investors’ optimism on fewer new cases of China coronavirus, the regional pan-European STOXX 600 ended down the day 0.6 per cent higher to notch a new record closing high of 431.16, extending its record-setting rally for the second consecutive day.

Meanwhile, referring to a comment from a top Chinese health advisor that the coronavirus epidemic would likely to ease over the coming days, much earlier than anticipated, a senior market analyst at OANDA NY, Edward Moya said on Wednesday’s (February 12th) European market closure, “It seems risk appetite is here to stay.

Expectations are growing that ... China will be able to fulfil their goal of doubling GDP and incomes in the decade to 2020. ” Quoting statistics, on Wednesday’s (February 12th) European market closure, London’s FTSE 100 added 0.47 per cent to 7,534.37, while London’s mid-capped index FTSE Mid 250 surged 0.68 per cent 21,793.48.

Besides, Frankfurt’s DAX climbed 0.89 per cent to 13,749.78, while French CAC 40 clocked a gain of 0.83 per cent to wind up the day at 6,104.73. Elsewhere in the Europe, Madrid’s benchmark IBEX 35 index soared 0.58 per cent to 9,940, while Italy’s FTSE MIB fathomed a gain of 0.70 per cent to 24,861.28 on Wednesday’s (February 12th) market closure.