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European shares gain on hopes of easing in lockdown measures

Published 04/22/2020, 03:21 PM
Updated 04/22/2020, 03:30 PM
© Reuters.
IT40
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
April 22 (Reuters) - European stock markets edged higher on
Wednesday as Italy looked set to relax sweeping restrictions to
contain the coronavirus, with investors remaining cautious about
a swift recovery after more companies issued worrying financial
forecasts.
The pan-European STOXX 600 index .STOXX was up 0.8% at
0702 GMT, after tumbling more than 3% on Tuesday following a
historic collapse in oil prices.
Italian shares .FTMIB gained 0.9% as Prime Minister
Giuseppe Conte said the country - one of the hardest hit in
Europe - could start pulling out of strict stay-at-home orders
from May 4. Despite rebounding this month from March lows, the benchmark
STOXX 600 remains about 24% below its February record high and
analysts expect a corporate recession to deepen in 2020 as a
near halt in business activity bites into company earnings.
Gucci-owner Kering PRTP.PA slumped 6.3% a day after saying
sales were hit hard early in the coronavirus crisis due to the
fashion group's reliance on Chinese customers and that it was
premature to say how quickly China sales would rebound.
Roche Holding AG ROG.S rose 2.1% as the Swiss drugmaker
confirmed its 2020 sales and profit outlook amid rising demand
for its new COVID-19 tests.

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