European stocks hit a near three-week high on Tuesday, as U.S. stimulus bets and encouraging data out of China and Germany galvanised growth-linked cyclical sectors like travel and leisure, banking and automakers.
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 11, 2020. REUTERS/Staffcoming in close quarters with an all-time high as investors hoped for more U.S. fiscal stimulus. [.N]
Unprecedented monetary and fiscal stimulus, hopes of a COVID-19 vaccine and Europe’s relative success in limiting the spread of coronavirus have helped the STOXX 600 climb 38% from its March lows, but remains about 15% below its record highs. A ZEW survey showed investor sentiment in Germany picked up more-than-expected in August, reflecting hopes that Europe’s biggest economy is on the road to recovery.
German online fashion retailer Zalando SE rose 1.9% after reporting a more than doubling of sales on its site.
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