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CORRECTED-European shares attempt recovery from 2012 lows

Published 03/17/2020, 05:55 PM
© Reuters. CORRECTED-European shares attempt recovery from 2012 lows
FCHI
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CPG
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STOXX
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SXTP
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V2TX
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(Corrects to say Europe's fear gauge closed Monday just shy of
its peak from the 2008 financial crisis, not several points
above its peak)
March 17 (Reuters) - European shares rose on Tuesday,
following a sharp sell-off in the previous session triggered by
panic over the hold that the coronavirus has over Europe and the
resulting damage to business activity and company finances
globally.
The pan-European STOXX 600 index .STOXX was up 2.7% at
0804 GMT after plunging to its lowest since November 2012 on
Monday.
The unchecked spread of the virus around the world has
erased liquidity from financial markets and sent volatility to
record highs. Europe's fear gauge .V2TX closed Monday just shy
of its peak from the 2008 financial crisis.
While a slate of European sub-indexes attempted a rebound in
early trading on Tuesday, the travel and leisure index .SXTP
fell 0.5% as drastic containment measures forced airlines to
make unprecedented cuts to flights, costs and staffing.
French shares .FCHI added 3.9% after falling to their
lowest in more than six years, as President Emmanuel Macron
sought to reassure businesses by offering them more fiscal aid.
"No French company, whatever its size, will be exposed to the
risk of collapse," he said. The world's biggest catering firm Compass Group CPG.L
tumbled 7.2% to the bottom of the STOXX 600, after issuing a
profit warning due to steps taken in Europe and North America to
contain the spread of the coronavirus.

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