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CORRECTED-European shares up for fourth day as central banks weigh in

Published 03/05/2020, 05:58 PM
CORRECTED-European shares up for fourth day as central banks weigh in
UK100
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CONG
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MRCG
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STOXX
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(Corrects to say the ECB is expected to cut rates next week,
not next month, in paragraph four)
March 5 (Reuters) - European shares rose for a fourth
straight session on Thursday, as the action taken this week by
several major central banks to ease the impact of the
coronavirus outbreak on growth fed through into financial
markets.
The main European equity benchmark .STOXX rose 0.6% by
0813 GMT, showing steady gains for the first time since a market
rout in late February.
The outbreak shows little signs of peaking globally, with
Italy closing all schools and California declaring a state of
emergency, but investors are hopeful stimulus from governments
and central banks will protect the global economy. Analysts firmly expect the European Central Bank to cut
interest rates by 10 basis points next week, joining the U.S.
Federal Reserve and its peers in Canada and Australia in
reducing borrowing costs.
London shares .FTSE , however, were up just 0.06% as the
Bank of England's next governor Andrew Bailey said it should
wait for more clarity about the economic hit from the outbreak
before making any decision to cut rates. Among individual movers, German auto supplier Continental
CONG.DE slumped 6.7% after it posted a net loss of 1.2 billion
euros ($1.34 billion) in 2019, as the company suffered from a
global downturn in demand for passenger cars. Meanwhile, science and technology company Merck KGaA
MRCG.DE rose 4.6% after it forecast "strong" growth core
earnings for 2020.

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