Global shares drew slim gains Wednesday, with optimism over economies easing coronavirus restrictions and oil prices clawing back ground leavened by caution over company earnings.
MSCI world equity index, which tracks shares in 49 nations, ticked up 0.2%, with European shares mirroring a buoyant day in Asia after initially choppy trading.
The broad EURO STOXX 600 gained 0.1%, with German auto manufacturer Volkswagen saying it expected a full-year profit even after a drop in Q1 earnings and Daimler looking at an operating profit for its Mercedes-Benz Cars & Vans subsidiary. Nonetheless, major drug producers Roche and Novartis weighed on the market, dropping 2% and 0.7%, respectively.
Markets in Frankfurt and Paris both gained 0.three%, with London adding 1%.
Risk assets along with equities have rallied for most of this month owing to heavy doses of fiscal and monetary policy stimulus across the globe aimed at softening the economic blow from the COVID-19 pandemic.
Still, Europe’s quarterly outcomes continue to fall, with Refinitiv data pointing to a 40.4% slump in earnings for companies listed on the STOXX 600, as opposed to 37% a week ago.
Investors internationally are becoming confident the pandemic may be peaking as parts of the U.S., Europe, and Australia gradually ease constraints.