European stocks was higher on Tuesday as China posted better-than-expected trade data added to relief from signs that sweeping lockdowns to contain the coronavirus pandemic were working.
The pan-European STOXX 600 index was up 0.9% after a strong finish last week that was powered by another aggressive round of stimulus and tentative signs of the virus peaking in some hot spots.
Spanish shares gained 0.8% as some businesses re-opened on Monday, although shops, bars and public spaces were set to stay closed until at least April 26th.
Almost all the major European country bourses were trading higher, with sentiment lifted by data showing a smaller-than-expected decline in China’s exports and imports.
The benchmark STOXX 600 index has recovered about 24% – or nearly $2 trillion in market value – in the past month, fuelled by a raft of global fiscal and monetary stimulus, including the half-a-trillion euros worth of support for European economies announced last week.
Although the index remains 23% below its mid-February record highs, Europe’s volatility gauge .V2TX has steadily declined since hitting a record high mid-March and is now at levels last seen in 2015.
Health care stocks .SXDP led gains among the major European subsectors, with AstraZeneca surging 5.5% after saying it would start a clinical trial to assess the potential of Calquence in the treatment of severe COVID-19 patients.
Swedish rare disease drugmaker Sobi jumped 6.6% to the top of the STOXX 600 after reporting stronger-than-expected first-quarter earnings as the pandemic spurred higher demand for some of its pharmaceuticals.
London’s FTSE 100 lagged behind, however, weighed down by a slump in British American Tobacco on reports of a U.S. criminal probe and on signs Britain will remain under lockdown for a longer period.
