Economies.com
2020-06-23 12:11PM UTC

European stocks soared on Tuesday, and hit a 2-week high, on improved risk appetite after the release of strong data on the European manufacturing and services in June, which raised hopes for a quick recovery for the European economy from the coronavirus fallout.

 

The Stoxx Europe 600 index rose 1.4% as of 11:33 GMT, after closing lower by 0.8% yesterday, due to fears over new coronavirus cases emerging in Germany.

 

The pan European index opened higher today, and hit a 2-week high of 368.06 points, with most European markets and sectors seeing green today.

 

The automotive sector saw the largest gains in Europe today, rising more than 3.5%, after strong manufacturing data in the eurozone economy.

 

The Eurozone economy's manufacturing and services sectors returned to grow in June, which raised hopes about a quick recovery for the European economy from the coronavirus fallout.

 

The French manufacturing and services sectors in June returned strongly to grow above the 50-point growth barrier, which is better than forecasts, after the French government started relaxing the coronavirus restrictions. 

 

The German manufacturing and services sectors also continued to recover for the second month, beating economists' forecasts.

 

The manufacturing and services sectors across Europe have exceeded experts' forecasts, thanks to easing the coronavirus restrictions, and the huge financial and monetary stimulus.

 

S&P 500 futures rose 0.8%, after the index closed higher by 0.6% yesterday at Wall Street, on hopes for more economic stimulus in the US.

 

Back to Europe, the Euro Stoxx 50 index rose 2.1%, France's CAC 40 climbed 1.7%, Germany's DAX jumped 2.7%, and the UK's FTSE 100 rose 1.4%.

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