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European shares tread water after rallying on stimulus hopes

Published 10/13/2020, 03:10 PM
Updated 10/13/2020, 03:20 PM
© Reuters.
AIR
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Oct 13 (Reuters) - European shares hovered at five-week
highs on Tuesday following a three-day rally that was sparked by
hopes of more U.S. stimulus, while Airbus slipped after JPMorgan
downgraded its rating on the stock.
The pan-European STOXX 600 .STOXX was flat at 0704 GMT,
with gains for utilities .SX6P , real estate .SX86P and
telecoms .SXKP stocks offset by declines in the travel and
leisure .SXTP and autos .SXAP sectors.
The benchmark index on Monday ended at its highest level in
nearly a month as investors held out for Washington to agree on
fresh federal aid and as data pointed at a stable recovery in
the world's second biggest economy, China.
New figures on Tuesday showed China's imports in September
grew at their fastest pace this year, while exports extended
strong gains. In company news, Airbus SE AIR.PA fell 3.5% as JPMorgan
cuts its rating on the planemaker's stock to "underweight" from
"neutral".

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