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Coronavirus treatment hopes boost European stocks at open

Published 08/24/2020, 03:29 PM
Updated 08/24/2020, 03:30 PM
©  Reuters
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Aug 24 (Reuters) - European stocks bounced from a two-week
low on Monday as signs of progress in developing a COVID-19
treatment offset fears about a resurgence in virus cases across
the continent that could risk stifling an economic recovery.
The pan-European STOXX 600 index .STOXX rose 1.3% by 0713
GMT, mirroring gains for Asian markets after the U.S. health
regulator said on Sunday it authorized the use of blood plasma
from patients who have recovered from COVID-19 as a treatment.
Technology .SX8P , mining .SXPP and chemical .SX4P
companies led the surge in early European trading, gaining more
than 1.5%.
AstraZeneca Plc AZN.L was up 2.1% after the Financial
Times reported the Trump administration was considering
fast-tracking an experimental COVID-19 vaccine being developed
by the company. The gains come after a lacklustre week for European
equities, which were pressured by data pointing to a stalling
business recovery in the euro zone amid a surge in coronavirus
cases.
British telecoms company BT Group BT.L jumped 6.1% to the
top of STOXX 600 after a media report that its board was
preparing to defend it against takeover approaches from rivals
and buyout firms.

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