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European stocks jump as Covid-19 deaths slow

European stocks jump as Covid-19 deaths slow

European stock indexes rose during Monday’s trading, as the infection rate of the deadly virus, Covid-19, slowed in the euro area, amid high hopes that the closing procedures started to curb the spread of the epidemic.

As of 09:33 GMT, the Euro STOXX 600 surged 2.80 percent to 317.72, while the highest level recorded during the session was at 319.54.

France CAC 40 was 3.34 percent up at 4,293.27, and Germany’s DAX ascended 3.88 percent to 9,894.89. In Britain, FTSE 100 increased by 1.98 percent to 5,522.99.

Italy, the epicenter of the epidemic in Europe before Spain surpassed it in terms of the number of cases, yesterday recorded the lowest daily infection rate of Coved-19 in more than two weeks.

Germany also reported a slowdown in the rate of new infections for a third consecutive day, and in Spain, the rate of new infections and deaths continued to decline.

"The data this week and today confirms the slowdown in infection," Reuters news agency quoted Spanish Health Minister Salvador Ella as saying at a press conference, noting that the data confirm the effectiveness of the social separation and ban plan.

The number of infections in Spain reached 131,646,000, Italy 128,948,000 and Germany 100,123, according to the Map of Johns Hopkins University.

On economic data, German factory orders shrank in February by 1.4%, which came better than forecasts of 2.7% drop.

Investors are looking with interest to the Federal Reserve minutes to be released later this week, as it may signal whether the central bank is ready to announced more measures to contain the economic damage of the coronavirus on the world’s largest economy.

Meanwhile, the dollar index, which follows the performance of the U.S. dollar against six major currencies, fell marginally 0.07 percent to 100.507.

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