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European shares near 3-month high; Lufthansa lifts Germany

Published 06/02/2020, 03:30 PM
Updated 06/02/2020, 03:40 PM
© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
June 2 (Reuters) - European shares inched closer to a
three-month high on Tuesday on optimism around a
post-coronavirus economic recovery, with German stocks buoyed by
a jump for Lufthansa.
The pan-European STOXX 600 .STOXX rose 1% in early deals
to hit its highest level since March 9.
Lufthansa LHAG.DE surged 7.5% as its supervisory board
approved a 9 billion euro ($10 billion) government bailout for
the airline, driving Frankfurt-listed shares .GDAXI up 2.6% to
its peak since March 5. With traders in Germany returning from a long weekend,
Volkswagen VOWG_p.DE , Daimler DAIGn.DE and BMW BMWG.DE
gained between 4.5% and 7.7% on a Reuters report on Sunday that
the country's Ministry of Economics had proposed a 5 billion
euro buyer bonus scheme to boost car sales. Norway's Seadrill SDRL.OL slid 9.3% as it announced a
writedown of $1.2 billion on the value of its oil drilling rigs
and warned it may have to convert a part of its $7.4 billion in
debt into equity to survive. Gains across the other markets were tempered by simmering
U.S.-China tensions, with Wall Street futures coming under
pressure as President Donald Trump vowed to use the military to
halt protests over the death of a black man in police custody.

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