A clutch of upbeat earnings and reports of progress in treatment for the fast-spreading coronavirus helped to push European shares towards record highs on Wednesday.[BENGALURU] A clutch of upbeat earnings and reports of progress in treatment for the fast-spreading coronavirus helped to push European shares towards record highs on Wednesday.
Drugmaker Novo Nordisk rose 4.6 per cent and industrial company Valmet and chipmaker Infineon both surged more than 10 per cent after results, taking the pan-European stock benchmark Stoxx 600 index up 1.2 per cent in its third day of gains. The index is now just 0.3 per cent shy of record highs hit last month. The rally this week comes after a virus outbreak in China sent markets into a tailspin as investors gauged the potential economic damage from production and supply disruptions.
On Wednesday, reports from China and the UK that researchers are closing in on a vaccine to treat the virus, lifted sentiment as the death toll in China moved closer to 500. China-exposed sectors such as autos, technology and basic materials were among the strongest performers.