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.
guess global stocks bet that the ticking of new coronavirus cases in 🇨🇳 China will be controlled.. 😬😬😬 — a calculated risk. 🧐 We’ll find out if that betting will pay while right now the virus is so active, infecting and killing people all over 🌏 the world.. 😬😬😬
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What thoughtful non politicised scientific evidence is there for a 'rapid recovery'. Unless the tens of thousands of Covid deaths are fake news, who in their right mind is going to take unecessary risks with their health. Certainly not the older citizens. Trump supporters maybe ?
As long as the economy is ok, screw people!