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European shares rise as coronavirus death toll slows

Published 04/20/2020, 03:15 PM
Updated 04/20/2020, 03:20 PM
© Reuters.
PHG
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VIV
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
April 20 (Reuters) - European shares edged higher on Monday
as coronavirus deaths slowed in hotspots Italy and Spain, but
the mood remained cautious with companies preparing to report
their worst quarterly earnings since the 2008 financial crisis.
The pan-European STOXX 600 index .STOXX was up 0.4% at
0701 GMT, after ending Friday with its biggest two-week
percentage gain since 2015.
However, the benchmark index is still down about 23% from
its record high, and investors are bracing for a deep economic
slump as evidence of the business damage from the pandemic piles
up.
As the first-quarter earnings season kicks into high gear,
analysts expect STOXX 600 firms to post a 22% plunge in earnings
after initially forecasting a 10.5% rise, according to IBES data
from Refinitiv. Dutch health technology company Philips PHG.AS pulled its
forecast for 2020 as the virus outbreak took a large bite out of
its first-quarter earnings. But its shares rose 2.7% in early
trading. French media conglomerate Vivendi VIV.PA jumped 4.5% after
reporting a higher first-quarter revenue at constant currency
and perimeter, led by its music division Universal.

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