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European stocks nudge higher as stimulus hopes outweigh virus woes

Published 08/26/2020, 03:30 PM
Updated 08/26/2020, 03:40 PM
© Reuters.
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(For a live blog on European stocks, type LIVE/ in an Eikon
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Aug 26 (Reuters) - European stocks inched higher on
Wednesday as hopes of additional stimulus for Germany and France
outweighed worries about rising cases of COVID-19 across the
continent.
The German DAX .GDAXI rose 0.3% after coalition parties
agreed to extend measures to cushion the effects of the
coronavirus crisis, including prolonging a short-time work
scheme and a freeze on insolvency rules. Finance Minister Olaf Scholz said the additional measures
could cost Germany 10 billion euros ($11.81 billion).
Neighbouring France is also set to present its economic
recovery plan on September 3, Prime Minister Jean Castex said.
Paris-listed shares .FCHI were flat. The pan-European STOXX 600 index .STOXX rose 0.2% but held
back fears after two European patients, confirmed to have been
re-infected with COVID-19, raised concerns about people's
immunity to the virus. Swedish radiation therapy equipment maker Elekta EKTAb.ST
jumped 14.1% after it reported a bigger-than-expected
first-quarter profit.

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