After losing up to 0.5% during transactions, the pan-European STOXX 600 index gradually erased its losses, closing up 0.1%, after the banking index rose more than 3%.
The European banking sector index reached its highest level in about 3 weeks, after the rise in US Treasury bond yields, to its highest level in several months, and it is a benchmark for global borrowing costs, which supports lenders on both sides of the Atlantic.
The gains also included the sectors most exposed to the risks of the economic cycle such as travel, entertainment, oil and gas, the auto industry and insurance, and they rose between 1% and 2.9%.
Global markets rallied strongly on Monday, following assurances that US President Donald Trump’s health had improved after he tested positive for Covid-19 last week, as well as political progress towards new financial stimulus measures.
Technology decline
Shares of technology and healthcare companies, which are among the best performers in Europe this year, fell about 0.9%, negatively affecting the STOXX 600.
The German DAX index jumped 0.6% after data showed that orders for the supply of German-made goods rose 4.5% last August, which exceeded expectations, which boosted hopes for a strong third quarter for Europe’s largest economies following the shock of the Corona virus.
In the early hours of Tuesday, US President Donald Trump returned to the White House after a 4-day treatment trip for the new Corona virus (Covid 19) at Walter Red Military Hospital.
Trump appeared without a muzzle on the balcony of the White House, after he was discharged from the hospital, raising his fist, in reference to his victory over the virus.
Hopes of a bipartisan agreement on an economic relief package increased in the United States, as House Speaker Nancy Pelosi and Treasury Secretary Stephen Mnuchin spoke on Monday.
The two officials expressed their willingness to speak again today, Tuesday, in a continuation of their efforts to reach agreement on legislation regarding the package.
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