Apr 6 (Reuters) – The benchmark European equities index hit an all-time high on Tuesday, recouping all its losses from the pandemic as investors bet on a rapid global economic recovery, spurred by heavy stimulus spending and vaccination programs against COVID-19.
European traders returned after a long weekend to push the continental STOXX 600 index up 0.9% to 436.16 points, surpassing its previous all-time high of 433.90 points set in February 2020. It has risen more than 60% from the lows caused by the virus that reached last year.
The German DAX was up 1.0% to add to its recent record rally, the French CAC 40 was up 0.8% and the British FTSE 100 was up 1.3%.
Major Wall Street indices also hit record highs on Monday, after macroeconomic indicators pointed to a strong recovery in the US labor market and service sector activity, helping to lift investors’ spirits, even as coronavirus cases skyrocket in some countries. [.N]
Swiss bank Credit Suisse was up 0.4% after heavy losses last week, announcing an estimated loss of 4.4 billion Swiss francs ($ 4.7 billion) from its relationship with Archegos Capital Management.
(Information from Sruthi Shankar in Bengaluru; edited by Shounak Dasgupta; translated by Flora Gómez at the Gdansk newsroom)