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European shares gain as Trump plans to reopen U.S. economy

Published 04/17/2020, 03:23 PM
Updated 04/17/2020, 03:30 PM
© Reuters.
NOKIA
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STOXX
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SXPP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
April 17 (Reuters) - European shares jumped on Friday,
clawing back weekly declines as financial markets globally drew
comfort from U.S. President Donald Trump's plans for a gradual
re-opening of the U.S. economy and reports of a potential drug
to treat COVID-19.
The pan-European STOXX 600 index .STOXX was up 2.5% at
0712 GMT, shrugging off data showing China suffered its worst
economic contraction in almost three decades as the pandemic
crushed business activity.
All the major European sub-sectors were trading higher, with
mining stocks .SXPP surging 4.1% on the back of higher
commodity prices.
The benchmark STOXX 600 has now recovered about 24% since
hitting an eight-year low in March, powered by a raft of global
stimulus and tentative signs the pandemic was peaking in the
worst hit parts of the continent.
Lifting the mood further on Friday, a report detailed
encouraging partial data from trials of U.S. drugmaker Gilead
Sciences Inc's experimental drug remdesivir in severe COVID-19
patients. Nokia NOKIA.HE jumped 4% on a report that it was working
with an investment bank to defend itself from a hostile
takeover.

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