European shares hit record high as new coronavirus cases drop

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European shares hit record high as new coronavirus cases drop

On Wednesday, the 19th of February 2020, a basket of European bourses had clocked a fresh record closing high after a tormenting Tuesday (February 18th), as a gradual decline in newer coronavirus cases in China had sparked hopes of an earlier-than-anticipated resolution of the epidemic-related demand concerns, while a sequel of monetary stimulus from the People’s Bank of China (China’s Central Bank) had bene easing concerns of a global scale slowdown.

Besides, as chipmakers had led the rallies of the European bourses on Wednesday (February 19th), the regional pan-European STOXX 600 had witnessed a strong rally and winded down the day 0.8 per cent higher to notch another record-setting closure.

Meanwhile, adding that the investors were eyeing on China’s approaches towards the epidemic, head of strategy at TS Lombard, Andrea Cicione said on Wednesday’s (February 19th) European market wrap-up, “It is a question of how quickly China can return to normal.

Daily indications of falling capacity utilisation also seem to be bottoming out and slowly start to pick up. ” Citing statistics, on Wednesday’s (February 19th) European market wrap-up, London’s FTSE 100 gained 1.02 per cent to 7,457.02 and French CAC 40 added 0.90 per cent to 6,111.24, while Frankfurt’s DAX soared 0.79 per cent to wrap up Wednesday’s (February 19th) market at 13,789.00.

Elsewhere in the Europe, Madrid’s benchmark IBEX 35 rose by 0.78 per cent to 10,083.60, while Italy’s FTSE MIB surged 0.78 per cent to wind down Wednesday’s (February 19th) market at 10,083.60.