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European shares jump on China trade data, coronavirus hopes

Published 14/04/2020, 08:14

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
April 14 (Reuters) - European shares rose on Tuesday after a
strong rally last week, as better-than-expected trade data from
China added to relief from early signs that sweeping lockdown
measures to contain the coronavirus pandemic were working.
The pan-European STOXX 600 index .STOXX was up 1.1% at
0703 GMT, 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.
The focus this week will turn to U.S. corporate earnings,
with investors bracing for a rough season as the health crisis
crushed business activity and sparked mass furloughs.
In Europe, first-quarter earnings for STOXX 600 firms are
expected to decline 15.7%, according to IBES data from
Refinitiv.
Lifting sentiment on Tuesday, data showed a decline in
China's exports and imports slowed in March after plunging in
the previous two months, but analysts warned a sure-footed
recovery was months away. Spanish shares .IBEX gained 1.5% as some businesses
re-opened, although shops, bars and public spaces were set to
stay closed until at least April 26. Swedish rare disease drugmaker Sobi SOBIV.ST jumped 7.6%
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.

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