European offers broaden gains, Germany beats expectations
EU nations still struggle to bounce back from the COVID-19 downturn.
The container European STOXX 600 (STOXX) gained 0.16% by 0716 GMT, with German offers driving the region’s gains with a 0.9% spike.
Eurozone stocks grew 0.4% after France and Germany proposed a half a trillion-euro recovery fund yesterday (May 18) that would provide grants to EU areas and industries that were hit the hardest by the economic effects of the coronavirus crisis.
Europe’s most recent trading session saw its best performance since March 24 and the positive sentiment was further bolstered by a promising report on a potential novel coronavirus vaccine as well as a growing number of nations loosening lockdown measures over the last few weeks.
As it struggles to stay above water throughout the crisis, German industrial organization Thyssenkrupp AG bounced 6.2% after it said that it was seeking partnerships for its steel and warship divisions.
Meanwhile, French spirits firm Remy Cointreau SA fell 6% after Goldman Sachs dropped the ranking of its shares from "buy" to "neutral".