Global shares rise on optimism over progress in virus battle

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Global shares rose Tuesday, fueled by hopes the peak of the coronavirus pandemic surge may come soon.

France's CAC 40 rose nearly 4.0% to 4,518.21 in early trading, while Germany's DAX jumped 4.5% to 10,530.95. Britain's FTSE 100 added 2.6% to 5,728.94.

China on Tuesday reported no new deaths from the coronarivus over the past 24 hours. It had 32 new cases, all from people who returned from overseas. The country that gave rise to the global pandemic has recorded 3,335 deaths and nearly 82,700 total cases. Numbers of daily new deaths have been hovering in the single digits for weeks, hitting just one on several occasions.

The S&P 500 is still down more than 21% since its record set in February, but the losses have been slowing since Washington promised massive amounts of aid to prop up the economy. ENERGY: Expectations have risen that Saudi Arabia and Russia may cut back on some of their production. Demand for oil has plummeted due to the weakening economy, and any cutback in production would help prop up its price. A meeting between OPEC, Russia and other producers initially planned for Monday was reportedly pushed back to Thursday.

 

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