European stocks moved higher in the first hour of trading on Tuesday, following upbeat trade in markets in the U.S. and Asia Pacific.
The pan-European Stoxx 600 index opened 0.7% higher with all sectors in positive territory. Banks, insurance and travel stocks were the top performing sectors in early deals.
The S&P 500 on Monday touched another record high on Wall Street, having climbed 1% and closed above 3,400 for the first time. Apple also hit an all-time high, leading other tech names higher, while airline and cruise operator stocks jumped amid enthusiasm on the coronavirus front.
Another boost to stock markets comes after news that U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin had a call with Chinese Vice Premier Liu He to “discuss implementation of the historic Phase One Agreement between the United States and China,” according to a USTR statement released Monday evening stateside.
According to the USTR: “Both sides see progress and are committed to taking the steps necessary to ensure the success of the agreement.”
Markets are also following developments in the coronavirus pandemic. Scientists and public health officials said Monday they are skeptical convalescent plasma is an effective treatment for patients hospitalized with Covid-19, even after the Food and Drug Administration issued an emergency use authorization for the treatment and President Donald Trump touted it as a “breakthrough.”