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Eurozone shares hit March highs on EU deal optimism

Published 07/21/2020, 03:26 PM
Updated 07/21/2020, 03:30 PM

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
July 21 (Reuters) - Eurozone shares hit highest since early
March on Tuesday after European Union leaders agreed on a
landmark stimulus package to revive member states from a
coronavirus-induced slump.
An index of eurozone stocks .STOXXE rose 1.1% by 0712 GMT
to hit its highest level since March 5. The broader pan-European STOXX 600 .STOXX gained 0.9%,
also hitting highest since March 5, amid growing optimism about
a COVID-19 treatment after promising early data from trials of
three potential vaccines. EU leaders clinched a "historic" deal in the early hours of
Tuesday, after a fractious summit that lasted almost five days.
They agreed on a 750-billion-euro recovery fund, with 390
billion euros as non-repayable grants, down from 500 billion
euros originally proposed, and the rest in repayable
loans. Germany's DAX .GDAXI surged to its highest since Feb. 24,
boosted by shares of SAP SE SAPG.DE and Siemens AG SIEGn.DE .
Logitech International SA LOGN.S rose 3.9% after the maker
of computer peripherals raised its outlook for fiscal 2021.
Premium spirits maker Remy Cointreau SA RCOP.PA gained
4.5% after it posted better-than-expected sales, due to
resilient consumption in the United States and Britain.

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