European shares traded higher on Tuesday as investors continue to monitor the spread of the coronavirus and its effect on the global economy.
The pan-European Stoxx 600 briefly hit an all-time high during morning trade and closed provisionally up 1% . Travel stocks jumped 1.9% to lead gains as most sectors and all major bourses remained in positive territory.
The new strain of coronavirus, which originated in the Chinese city of Wuhan, has infected 42,638 people and killed 1,016 across mainland China, the country’s health authority said on Tuesday. However, a slowing of the rate of new cases has given global stock markets some upward momentum.
Tui shares leaped 11.5% after its fiscal first-quarter earnings report. The German travel company said the grounding of the Boeing 737 Max continues to weigh on profits, but losses narrowed in the first quarter, with strong demand for holidays and flights from the U.K. are expected to offset the Boeing headwind.
Source: CNBC