Coronavirus: Stocks surge globally after biggest daily rise since 2015 in China | Business News

Global stock markets have surged despite rising clusters of coronavirus infections threatening to derail economic recovery.

Investors took the lead from China’s benchmark Shanghai Composite index, which jumped by 5.8% on Monday to record its biggest daily increase in five years.

Analysts said the share spending spree was fuelled by cheap funding to invest in an economy that analysts predict will recover faster and better than other major countries battling new waves of infections.

They include the US, the world’s largest economy, which is enduring rising numbers of COVID-19 cases in 41 states with Florida witnessing record daily growth in confirmed sufferers.

Edward Moya, senior market analyst at OANDA in New York, said only a big acceleration in fatalities would likely affect market sentiment as the S&P 500 on Wall St ground out a fifth day of consecutive gains on Monday.

Europe and US trading saw sectors with strong exposure

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Asia stocks trade mixed as WHO reports all-time high in coronavirus cases

Stocks in Asia Pacific were mixed in Monday morning trade after the World Health Organization (WHO) reported over the weekend a record high number of coronavirus cases in 24 hours.

In Japan, the Nikkei 225 rose 0.36% in early trade as shares of conglomerate Softbank Group jumped about 1.5% while the Topix index added 0.45%. South Korea’s Kospi advanced 0.58%.

Meanwhile, shares in Australia declined, as the S&P/ASX 200 slipped 0.15%.

Overall, the MSCI Asia ex-Japan index traded 0.05% higher.

Developments surrounding the coronavirus pandemic are likely to continue weighing on investor sentiment. The WHO said Saturday that more than 200,000 coronavirus cases were confirmed over a 24-hour period — a record.

Over in the U.S., the states of Florida and Texas reported daily record spikes in coronavirus cases on Saturday. The recent surge in cases has raised concerns over the possibility of lockdowns being reintroduced to curb the virus’

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European stocks brush off concerns over coronavirus; PMIs in focus

European stocks are expected to open higher Tuesday despite some concerns over the state of the U.S.-China trade deal, and a surge of coronavirus cases in the U.S. and elsewhere.

London’s FTSE is expected to open 28 points higher at 6,276, Germany’s DAX is seen 104 points higher at 12,355, France’s CAC 40 is seen opening 44 points higher at 4,986 and Italy’s FTSE MIB is seen 135 points higher at 19,527, according to IG.

European markets look set to follow their global counterparts Tuesday. The boost to stocks comes after White House trade advisor Peter Navarro clarified that the U.S.-China trade deal is not over, following an interview with Fox News in which he appeared to suggest otherwise, prompting U.S. stock futures to plunge.

Later, Navarro clarified that the U.S.-China trade deal is not over, saying in a statement that his comments had been “taken wildly out of context.”  

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European stocks set for higher open as investors monitor coronavirus

European markets are heading for a cautiously higher open Friday as investors monitor recent upticks in coronavirus cases in various countries.

Britain’s FTSE 100 is seen around 11 points higher at 6,235, Germany’s DAX is expected to open around 35 points higher at 12,317 and France’s CAC 40 is expected to edge around 11 points higher to 5,970, according to IG data.

Investor focus will likely remain on a resurgence of coronavirus cases in some parts of the world, with four U.S. states reporting a spike in new cases and hospitalizations amid attempts to reopen their economies. Meanwhile, a Chinese Center for Disease Control expert said Thursday that a recent outbreak in Beijing is now under control.

Stocks in Asia Pacific edged higher overnight, with China’s Shenzhen component adding more than 1% to lead gains while Australia’s S&P/ASX 200 climbed 0.75%.

Geopolitical tensions also resurfaced Thursday, with U.S. President Donald

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