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European shares claw back some losses as oil prices gain

Published 03/10/2020, 04:24 PM
Updated 03/10/2020, 04:32 PM
© Reuters.  European shares claw back some losses as oil prices gain
IFXGn
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
March 10 (Reuters) - European shares on Tuesday recouped
some of the brutal losses in the previous session, as higher oil
prices and expectations of more stimulus measures eased anxiety
around the economic hit from the coronavirus outbreak.
The pan-European STOXX 600 .STOXX gained 1.6% by 0808 GMT,
but was far from making up for the 7% slump on Monday that
pushed the index into bear market territory - seen as a 20% drop
from recent all-time highs.
Europe's oil subesctor .SXEP led the gains with a 3.6%
rise as crude bounced 5% from the biggest one-day rout in nearly
30 years. O/R
Corporate newsflow helped, with German chipmaker Infineon
Technologies IFXGn.DE rising 3.3% after U.S. officials found
no national security concerns with its proposed $10 billion
takeover of U.S. firm Cypress Semiconductor Corp CY.O .

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