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Europe: Shares hit record high on drop in new virus cases, hopes of China stimulus

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"Daily indications of falling capacity utilisation also seem to be bottoming out and slowly start to pick up."Sportswear retailers Adidas and Puma, which make almost a third of their sales in Asia, said their business was being hurt by store closures in China and fewer Chinese tourists shopping in other markets due to the epidemic.

"As long as markets take the view that these disruptions do not alter the growth trajectory for macro and earnings growth, there is no need to react to the news flow," said TS Lombard's Cicione. Commodity-linked stocks and the auto sector - Tuesday's biggest casualties - also recovered. China being the biggest consumer of iron ore, and the virus epicentre of Hubei being an auto manufacturing hub have seen both these sectors whipsaw since the outbreak.

 

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