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European shares jump on hopes of coronavirus progress

Published 04/09/2020, 03:23 PM
Updated 04/09/2020, 03:30 PM
© Reuters.
STOXX
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SXEP
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SXAP
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SXPP
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SXTP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
April 9 (Reuters) - European stock markets gained for a
fourth straight day on Thursday on hopes the coronavirus
pandemic was close to peaking, with investor attention also
focused on a meeting of European Union finance ministers to
discuss an economic rescue package.
The pan-European STOXX 600 index .STOXX was up 1.2% at
0702 GMT, with battered travel and leisure stocks .SXTP , autos
.SXAP and miners .SXPP leading early gains.
The benchmark index has rebounded more than 5% this week and
recouped about $1.7 trillion in market value since hitting an
eight-year low in March but is still about 24% below its record
high, as sweeping lockdown measures crush business activity and
spark mass layoffs.
The number of U.S. jobless claims — the most timely data on
economic health — likely totalled a staggering 15 million in the
last three weeks, and economists expect U.S. job losses of up to
20 million in April. Meanwhile, European Union finance ministers are set to
resume talks on a half-a-trillion euro economic support package
on Thursday after failing to reach an agreement earlier this
week. Oil and gas stocks .SXEP bounced 1.9% ahead of a meeting
of the world's largest oil producers to discuss production cuts.
O/R

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