European stocks rally on hopes pandemic is stabilising

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European stocks recovered today at the start of trading as the slowdown in corona deaths in France and Italy boosted hopes that quarantine measures are beginning to pay off.

The pan-European STOXX 600 index rose 2.9% to 10:07 Cyprus time, closing on Friday with its sixth weekly decline in seven weeks as the health crisis paralyzed business activity.

Stock exchanges in Italy and France jumped 3.5% and 3.4% respectively, as data showed that Italy recorded the lowest daily death toll in more than two weeks yesterday, while in France the number of deaths decreased and Patients were admitted to intensive care units.

The STOXX 600 has lost more than 3 trillion. dollars from its value since February, as the dive into economic activity has led many industries to the brink of collapse.