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European shares trudge higher as stimulus wave stems selloff

Published 03/24/2020, 04:20 PM
Updated 03/24/2020, 04:30 PM
© Reuters.
BIOX
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STOXX
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SXIP
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SXPP
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SXTP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
March 24 (Reuters) - European shares attempted another
rebound on Tuesday after slumping in the previous session, as a
fresh round of monetary and fiscal stimulus offered some relief
even as the coronavirus pandemic spreads rapidly across the
globe.
The pan-European STOXX 600 index .STOXX was up 3% at 0802
GMT, but still set for its worst month since 1987 as the health
crisis threatened to crimp global growth, with some analysts
seeing a 24% fall in European GDP in the second quarter.
Although investors have largely shrugged off macroeconomic
data so far, all eyes will now be on a flash reading of activity
surveys from the euro zone due later in the day for signs of the
extent of the economic damage from the outbreak. Travel and leisure stocks .SXTP , which have posted some of
the heaviest losses this month, were up 2.6% in early trading.
Miners .SXPP , insurers .SXIP and oil and gas stocks
.SEXP were the biggest gainers among the major European
subsectors, rising between 5% and 6%.
France's Biomérieux BIOX.PA jumped 30% after the
healthcare company won approval from the U.S. Food and Drug
Administration for its product aimed at testing for coronavirus.

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