Fri. Oct 23rd, 2020

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European markets hike with economic data in focus

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Germany virus

A broker watches her screens under the curve of the German stock index DAX in Frankfurt, Germany, Tuesday, March 17, 2020, the day after German authorities spoke out more restrictions to avoid the spread out of the coronavirus. Only for most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia. (AP Photo/Michael Probst)

The pan-European Stoxx 600 added 1.1% at the start of trading, with auto stocks jumping 2.3% to lead gains as all sectors and major bourses entered positive territory.

Global equities are receiving a boost from hopes for further U.S. stimulus and progress on a coronavirus vaccine, with 76 nations now committed to the World Health Organization’s “COVAX” program to evenly distribute vaccines when they become available.

U.S. Federal Reserve policymaker Mary Daly cautioned Wednesday that trimmed federal support measures will dent the country’s economic recovery, and investors are placing hopes on additional stimulus to weather the storm.

Final euro area Markit Purchasing Managers’ Index (PMI) will be published at 9 a.m. London time and expected to show a modest expansion in economic sentiment, slower than that seen in July, as a number of European countries wrestle with resurgences in coronavirus cases.

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