European shares advance on recovery hopes

Following Asian market’s rally driven by a faster global economic recovery outlook, European shares followed suit and gained on Wednesday trade.

Germany’s DAX index added 0.8%, while the STOXX 600 index climbed 0.9%.

Siemens improved 1.8% as the German engineering firm increased its 2021 outlook after posting more-than-expected first-quarter figures on a faster track to recovery from the coronavirus slump in China and Germany.

Joining the rally was Novo Nordisk with a 3.2% gain after the diabetes drug maker posted upbeat sales and profit forecasts for 2021.

In early trading, all of the major European sector indexes were in positive territory. Swedish truckmaker AB Volvo gained 0.7% after posting better-than-expected fourth-quarter core earnings.

With the Senate finding ways to allow Democrats to pass Biden’s $1.9 trillion relief package without Republican support, rallying global share markets remained hopeful for it to materialize.