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European shares gain as UK, Italy outperform

Published 05/11/2020, 03:43 PM
Updated 05/11/2020, 03:50 PM
© Reuters.
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(For a live blog on European stocks, type LIVE/ in an Eikon
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May 11 (Reuters) - European stocks rose on Monday, with UK
markets posting sharp gains after the government outlined plans
to gradually ease the lockdown, while shares in Germany's
Wirecard jumped after it revamped its management board.
The pan-European STOXX 600 .STOXX rose 0.5% by 0718 GMT,
adding to slim gains made so far in May.
Britain's FTSE 100 .FTSE rose 0.8% after Prime Minister
Boris Johnson said on Sunday the lockdown would not end yet but
encouraged some people to return to work. France is also set to cautiously lift coronavirus-induced
restrictions. However, Germany saw a spike in cases just days
after its leaders eased the lockdown.
Germany's DAX .GDAXI still rose as payments company
Wirecard WDIG.DE jumped 10.8% after announcing a reshuffle of
its management board amid allegations including accounting
irregularities and disclosure violations, which it denied.
Italian shares .FTMIB gained 1.2% in relief that Moody's
spared the country of a rating downgrade on Friday, but DBRS
Morningstar cut Italy's trend to "negative" from "stable",
citing uncertainty over the economic repercussions stemming from
the outbreak.

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