European shares hit record high as rate of new coronavirus cases slow

Reuters February 11 | Updated on February 11, 2020 Published on February 11, 2020

European shares rose to a record high early on Tuesday as a slowdown in the rate of new infections in the coronavirus outbreak provided some relief, although markets still worried over the wider global economic impact.

The pan-European STOXX 600 index rose as much as 0.7 per cent to a record high of 427.46. The index has seen several volatile weeks after news of the outbreak, as investors weighed the economic impact and also the effects of liquidity measures put in place to soften the blow on the world's second-largest economy.

Record-high overnight finishes on Wall Street, driven by robust earnings, also lent some support.

Basic resources stocks were the best performing European sector, rising 1.7 per cent on an uptick in commodity prices.

Norwegian oil and gas explorer Aker BP rose 2.4 per cent after clocking better-than-expected fourth quarter core earnings.

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Published on February 11, 2020
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