Palais Brogniard, former Paris Stock Exchange, located on the Place de la Bourse in Paris
PARIS (Archyde.com) – Major European stock markets rose in early trading on Tuesday as investor optimism was fueled by a further easing of COVID-19 measures in China.
In Paris, the CAC 40 gained 1.11% to 6,577.01 points around 08:20 GMT in Frankfurt, the Dax advanced by 0.8%.
The EuroStoxx 50 index is up 0.78%, the FTSEurofirst 300 0.43% and the Stoxx 600 0.57%.
The session should be quieter than usual due to the absence of some investors for the end of the year holidays.
Major Chinese markets posted their strongest daily gains in three weeks following the National Health Commission announced on Monday the end of the quarantine imposed on incoming travelers to China.
Beijing will also downgrade the severity of COVID-19 as the virus responsible for the disease has become less virulent.
“This marks another important step in reopening China, especially to the rest of the world, despite the recent spike in local infection cases,” JPMorgan analysts wrote in a note.
This information benefits luxury stocks, particularly exposed to the Chinese market: Kering, Hermès and LVMH gain from 1.46% to 2.03%, among the strongest increases in the CAC 40.
The mining and energy sectors gained 1.22% and 1.5% respectively, as commodity prices jumped on hopes of a recovery in demand in China.
(Laetitia Volga, edited by Blandine Hénault)
