European shares inch higher, Wirecard surges By Reuters

© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) – European shares edged higher on Monday as investors clung to hopes of a quicker economic recovery in the continent even as coronavirus cases surged globally.

The pan-European STOXX 600 index () rose 0.2% after opening in the red, lifted by automakers () and travel & leisure () companies.

European markets have outperformed in the recent weeks, helped by its relative success in reopening its economy and the European Union’s proposed 750 billion euro ($841.73 billion) recovery fund.

However, Asian markets were on a weaker footing as the global death toll from COVID-19 reached half a million people on Sunday, according to a Reuters tally.

German scandal-hit payments company Wirecard (DE:) surged 93.6% after saying it would proceed with business activities after filing for insolvency.

Austrian sensor producer AMS (VI:) (S:) jumped 6.6% after Reuters reported the company is poised to get the go-ahead from the European Union for its acquisition of German lighting group Osram (DE:).

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