World stocks resumed rising towards record highs on Tuesday and the dollar reach...
LONDON - World stocks resumed rising towards record highs on Tuesday and the dollar reached a four-month high as China’s top medical advisor said the coronavirus epidemic may plateau in the next few weeks.
The death toll in mainland China climbed past 1,000 on Tuesday, but the number of new confirmed cases fell. Zhong Nanshan, an epidemiologist who helped fight the SARS epidemic in 2003, said the situation in some provinces was already improving.The pan-European STOXX 600 index rose as much as 0.7% to a record high of 427.46 points. Basic resources stocks .SXPP led the gains, rising 1.7%, as commodity prices recovered from the slowdown in Chinese consumption of raw metals and energy.
In China, factories were slow to reopen after an extended Lunar New Year break, leading analysts at JPMorgan to again downgrade forecasts for growth this quarter. They assumed the contagion would peak in March and factories would slowly resume opening this month. In that case, growth would slow to around a 1% annualised pace in the first quarter, before rebounding to 9.3% in the second.
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