European shares jump on China trade data, coronavirus hopes
Reuters
Published Apr 14, 2020 08:19
(Reuters) - European shares rose on Tuesday after a strong rally last week, as better-than-expected trade data from China added to relief from early signs that sweeping lockdown measures to contain the coronavirus pandemic were working.
The pan-European STOXX 600 index (STOXX) was up 1.1% at 0703 GMT, after a strong finish last week that was powered by another aggressive round of stimulus and tentative signs of the virus peaking in some hot spots.
The focus this week will turn to U.S. corporate earnings, with investors bracing for a rough season as the health crisis crushed business activity and sparked mass furloughs.
In Europe, first-quarter earnings for STOXX 600 firms are expected to decline 15.7%, according to IBES data from Refinitiv.
Lifting sentiment on Tuesday, data showed a decline in China's exports and imports slowed in March after plunging in the previous two months, but analysts warned a sure-footed recovery was months away.
Spanish shares (IBEX) gained 1.5% as some businesses re-opened, although shops, bars and public spaces were set to stay closed until at least April 26.
Swedish rare disease drugmaker Sobi (ST:SOBIV) jumped 7.6% to the top of the STOXX 600 after reporting stronger-than-expected first-quarter earnings as the pandemic spurred higher demand for some of its pharmaceuticals.
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Written By: Reuters
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