European shares lifted by weaker euro, dip in new virus cases

(Reuters) – European shares rose on Wednesday, supported by a weaker euro, while a decline in the number of new coronavirus cases raised hopes that the impact of the epidemic on the global supply chain would be short-lived.

The pan-European STOXX 600 index () was up 0.4% at 0804 GMT, as the number of new cases of the deadly virus fell for a second straight day in China.

China-exposed sectors including autos () and miners () gained 0.6% and 1%, respectively.

All eyes will also be on a raft of economic data from the euro zone later in the week, including a flash reading of the Purchasing Managers’ Index (PMI) for France and Germany.

A survey on Tuesday showed a sharp deterioration in German investor sentiment, sending the euro () crashing through a closely watched support level at $1.08. The common currency was last trading near its lowest levels since April 2017.

(This story corrects paragraph 4 to say flash PMIs are due “later in the week” and not “later in the day”)

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