Global stocks hit five-week highs on Monday led by China’s post-holiday surge as investors bet on a steady recovery for the world’s no. 2 economy, while hopes for stimulus offset worries about rising COVID-19 cases in Europe and the United States.

European countries were considering adding fresh travel curbs due to rising coronavirus, a contrast to Asia-Pacific countries including Singapore, Australia and Japan, where a gradual easing of some international travel restrictions is under way.

Still, U.S. and European markets were trading higher as investors hoped for coronavirus aid in the United States, with the Trump administration on Sunday calling on Congress to pass a stripped-down relief bill.

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