European shares inch higher, Wirecard surges

(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 <.stoxx> rose 0.2% after opening in the red, lifted by automakers <.sxap> and travel & leisure <.sxtp> 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 surged 93.6% after saying it would proceed with business activities after filing for insolvency.

Austrian sensor producer AMS 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 .

(Reporting by Sruthi Shankar in Bengaluru; Editing by Saumyadeb Chakrabarty)