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Banks lead European stocks higher ahead of Fed's economic view

Published 06/10/2020, 03:33 PM
Updated 06/10/2020, 03:40 PM
© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
June 10 (Reuters) - European shares rose on Wednesday, with
banks leading the gains as investors awaited the U.S. Federal
Reserve's first economic projection since the COVID-19 pandemic
set off a recession in February.
After trading sightly lower in the past two sessions, the
pan-European STOXX 600 .STOXX gained 0.8% by 0717 GMT.
Eurozone banks .SX7E jumped 2.5% after sources told
Reuters that European Central Bank officials were drawing up a
scheme to cope with potentially hundreds of billions of euros of
unpaid loans due to the coronavirus crisis.
Meanwhile, Commerzbank CBKG.DE gained 3.9% after U.S.
activist investor Cerberus called for changes to the supervisory
board and strategy, including more cost cuts. European markets have seen a broader recovery in the recent
weeks, with investors moving into cheap, growth-sensitive stocks
such as those of banks and oil firms on hopes that the worst
fallout from the health crisis is over.
While no major policy announcements are expected when the
Fed wraps up its meeting later in the day, investors will
scrutinize its remarks on the health of the economy.
Zara owner Inditex ITX.MC fell 2.3% after it booked its
first ever loss in a quarter that spanned the shuttering of
thousands of its stores around the world due to the outbreak.

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