Global stock markets rally on hopes of economic recovery – Gulf Today

Global stock markets rally on hopes of economic recovery – Gulf Today

Global stock markets rally on hopes of economic recovery

8 hours ago

An investor looks at screens showing stock market movements at a securities company in Fuyang in China's eastern Anhui province on Monday. Agence France-Presse

Stock markets rallied on Monday, with fresh signs of economic recovery resonating with investors more than a surge in coronavirus infections worldwide.

The easing of lockdowns is providing hope the global economy will bounce back from an expected recession this year, with England's pubs reopening at the weekend and tourist attractions around Europe now either open or planning to.

Better-than-forecast data on US jobs creation and factory activity have also provided a boost to confidence, as have hopes for a vaccine, which observers say is key to kickstarting any recovery.

The US services sector grew in June after the coronavirus pandemic caused its steepest-ever contraction the month prior, an industry survey said on Monday.

On Wall Street, the Dow Jones was more than 350 points higher in the late New York morning, while key European markets posted gains of 1.5 per cent or more at the close.

The pan-European STOXX 600 climbed 1.6% on broad-based gains, with Asia-focused lender HSBC jumping 6.6% to lead Europe's battered banks index almost 4% higher.

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