2/12/2020, 5:30 PM (Source: TeleTrader)
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Europe closes with gains on coronavirus recovery rate

European markets closed with strong gains on Wednesday as the fears of coronavirus seem to be softening. China's National Health Commission (NHC) said that the recovery rate of coronavirus patients continued to climb, reaching more than 5,100 people on Tuesday. Also, new hopes for the cure were raised by Myongji Hospital's Board of Directors Chairman Lee Wang-jun who claimed that the anti-HIV medication can be effective in treating the virus.

Meanwhile, European Central Bank (ECB) Executive Board Member Philip Lane stated that he expects the interest rate in the future will rise to the range of 2-3% due to the eased monetary policy and the recovering economy.

The DAX increased by 0.86% at the opening bell with Continental AG as leading performer jumping 6.63%. The FTSE 100 climbed 0.71% pulled by NMC Health that rose 7.69%. The CAC 40 jumped 0.73%. Kering outperformed others surging 6.27%.

The euro fell 0.22% on the dollar at 5:32 pm CET, going for $1.0893, while the pound grew by 0.15% against the US currency, changing hands for $1.2977 at the same time.

Baha Breaking the News (BBN) / TF