Europe: Stoxx 600 hits record high on global recovery optimism

[BENGALURU] Europe's benchmark equity index hit a record high on Tuesday, recovering all of its pandemic-driven losses as investors bet on a speedy global economic recovery, spurred by bumper stimulus spending and Covid-19 vaccination programmes.

European traders returned from a long weekend to push the continent-wide Stoxx 600 index 0.9 per cent higher at 436.16 points, surpassing its previous life-high of 433.90 points set in February 2020. It has climbed more than 60 per cent from virus-induced lows hit last year.

The German DAX rose 1 per cent to add to its recent record-setting rally, France's CAC 40 was up 0.8 per cent and UK's FTSE 100 jumped 1.3 per cent.

Wall Street's main indices also notched all-time highs on Monday after data pointed to a strong US labour market recovery and services sector activity, helping lift investors'mood even as coronavirus cases spike globally.

Swiss bank Credit Suisse inched up 0.4 per cent after sharp losses last week as it announced an estimated loss of 4.4 billion Swiss francs (S$6.29 billion) from its relationship with Archegos Capital Management.

REUTERS