Stock markets rally on economy recovery hopes

Stock markets rallied Monday, with fresh signs of economic recovery resonating with investors more than a surge in coronavirus infections worldwide.

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The easing of lockdowns is providing hope the global economy will bounce back from an expected recession this year, with England's pubs reopening at the weekend and tourist attractions around Europe now either open or planning to.

Better-than-forecast data on US jobs creation and factory activity have also provided a boost to confidence, as have hopes for a vaccine, which observers say is key to kickstarting any recovery.

The US services sector grew in June after the coronavirus pandemic caused its steepest-ever contraction the month prior, an industry survey said on Monday.

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On Wall Street, the Dow Jones was more than 350 points higher in the late New York morning, while key European markets posted gains of 1.5 percent or more at the close.

Investors on both sides of the Atlantic took their cue from equities in China, "with the world's second largest economy seeing a huge uptick" which saw its main stocks index closing up nearly six percent, noted Joshua Mahony, senior market analyst at IG trading group.

Traders have piled back into stocks in recent months -- with the help of vast government and central bank support -- and analysts have suggested the gains are also being helped by a fear of missing out on the rally.

- 'Whirligig of positive news' -

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Shanghai soared to its highest level in more than two years, while Hong Kong finished at levels not seen since early March.

But there remains trepidation on trading floors as new infections spike around the world.