Europe: Shares climb as coronavirus cases slow

[FRANKFURT] European shares rallied for a second straight day on Tuesday, with investors focusing on early signs that the coronavirus pandemic may be easing, even as major companies still take steps to shore up cash after lockdowns crushed global demand.

The pan-European STOXX 600 index rose 2.7 per cent at 0716 GMT - hitting its highest in almost a month, with governors of several hard-hit US states pointing to tentative signs the outbreak might be starting to plateau.

Spanish stocks jumped 2.2 per cent as coronavirus deaths slowed for a fourth day on Monday, prompting the government to contemplate a gradual easing of a nationwide lockdown.

The benchmark STOXX 600 index has now gained more than 22 per cent since hitting an eight-year low in March, but remains more than 24 per cent below its February record high, when the worldwide spread of the novel coronavirus sparked a virtual halt in business activity.

REUTERS