European markets opened higher Tuesday as investors look for an exit strategy to the region’s coronavirus lockdowns.
The pan-European Stoxx 600 added 1.1% in early trade, with basic resources climbing 2.1% to lead gains while travel and leisure stocks slid 1.5%.
European countries, among those Italy and Spain that have been some of the worst affected by the coronavirus, are now looking to lift some restrictions on public life as the number of new infections and daily deaths has declined.
Spain allowed some construction and manufacturing sites and to reopen Monday and Italy is also allowing some businesses to reopen Tuesday. Meanwhile, Germany is considering how to implement a gradual recovery from the coronavirus pandemic, the country’s health minister told CNBC on Monday.
“We are thinking about step by step, that is important … going back to a new normal,” Jens Spahn said on “Closing Bell.”
Stocks in Asia edged higher in Tuesday morning trade following the release of Chinese trade data for March.
China reported that its dollar-denominated exports and imports both fell from a year ago in March, but they were better than what economists had expected. China’s exports fell 6.6% in March from a year ago, while imports slipped 0.9% in the same month, data from the General Administration of Customs showed on Tuesday.
There are no major earnings or data releases Tuesday.
— CNBC’s Kevin Stankiewicz and Huileng Tan contributed reporting to this story.
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