Europe rises for 3rd straight session on news of coronavirus treatment

European stocks rose on Wednesday, to continue rallying for the third straight day, as market sentiment improved in Europe after the Chinese stock market recovered, after news emerged for a treatment of the coronavirus.

The Stoxx Europe 600 index was higher by 0.8% at 11:35 GMT, after it closed higher by 1.6% yesterday, and posted its second straight daily gain and the biggest in 4 months, after a surge in miners shares.

The pan index opened today's session higher, to continue rallying for the third straight day, with most of the major European exchanges and sectors falling today.

The automotive saw the largest gains in Europe today, rising more than 1.4%, followed by the banking sector

The Chinese stock market closed higher today, after the CSI 300 index added 1.1%, posting its second straight daily gain.

Chinese TV reported that a research team at Zhejiang University of China has found an effective drug to treat the novel coronavirus.

China revealed that the virus' death toll rose to more than 490 victims and infected 24,324 people, and experts fear that the virus will sharply impact economic growth in China and the world.

S&P 500 futures jumped 0.7% today, after the index closed higher by less than 1.5% yesterday at Wall Street, on Chinese government measures to ease fears over the coronavirus impact.

Back to Europe, the Euro Stoxx 50 index gained 0.8%, the German DAX rose by 1%, France's CAC 40 added 0.9%, and the UK's FTSE 100 surged by 0.6.