Global stocks gained with hopes of a rapid economic recovery even as the number of new coronavirus cases in China ticked up again
LONDON - Europe’s shares added to their best gains in almost a month as safety plays lost their lustre on Wednesday, with hopes of a rapid economic recovery holding firm against a resurgence of global coronavirus cases.
Europe’s STOXX 600 trimmed its early gains too [.EU], but all the main indexes were still at least 0.6% higher, and U.S. S&P 500 futures were up 0.5% after spending much of the Asian session wavering either side of flat. [.N] Chinese blue chips recovered from an early dip to finish steady despite Beijing’s worst resurgence in COVID-19 cases in four months.
The Trump administration was also reportedly preparing an up-to $1 trillion infrastructure package, something that was initially promised more than three years ago.“There is little doubt that the global economy bottomed in April and is poised to post record-high growth rates over May and June, strongly lifting 3Q GDP above its 2Q trough,” wrote economists at JPMorgan.
“The tension between better economic data and rising COVID-19 cases continues to drive market volatility,” said Antoine Bouvet, senior rates strategist at ING in London.
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