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

06.04.2021 - Davydova Maria
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.

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