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Europes STOXX 600 Hits Record High on Recovery Optimism

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Europes benchmark equity index hit a record high on Tuesday, recovering all of its pandemicdriven losses as investors bet on a speedy global economic recovery, spurred by bumper stimulus spending and COVID19 vaccination programmes.

European traders returned from a long weekend to push the continentwide STOXX 600 index 0.9 higher at 436.16 points, surpassing its previous lifehigh of 433.90 points set in February 2020. It has climbed more than 60 from virusinduced lows hit last year.

The German DAX rose 1.0 to add to its recent recordsetting rally, Frances CAC 40 was up 0.8 and UKs FTSE 100 jumped 1.3.

Wall Streets main indexes also notched alltime highs on Monday after data pointed to a strong U.S. labour market recovery and services sector activity, helping lift investors mood even as coronavirus cases spike globally. .N

Swiss bank Credit Suisse inched up 0.4 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.

Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta

Source Reuters

AUD, NZD Aided by Strong Global Data as RBA Sounds Upbeat

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