Europe’s STOXX 600 reaches highest level on global recovery optimism

As efforts for fiscal stimulus and speedy inoculation programs in the European Union are heightened, investors were quick to bet on a fast global economic recovery resulting in Europe’s benchmark equity index STOXX 600 hitting a record high on Tuesday.

 STOXX 600 advanced 0.9% at 436.16 points to surpass its previous life-high of 433.90 points set in February 2020. Europe’s benchmark equity index has soared more than 60% from virus-induced lows hit last year.

The German DAX improved 1.0%, adding to its latest record-setting rally. France’s CAC 40 gained 0.8%. UK’s FTSE 100 edged up 1.3%.

Swiss bank Credit Suisse added 0.4% following previous losses last week as it publicized a 4.4 billion Swiss francs ($4.7 billion) estimated loss from its relationship with Archegos Capital Management.

Across the Atlantic, main indexes in Wall Street also posted all-time highs on Monday fueled by strong U.S. labor market data and upbeat figures of the services sector. The raise signified a boosted mood among investors despite a global rise in coronavirus cases.