Europe: Spanish stimulus helps stocks end seesaw session higher

📆 2020-03-17 10:02 PM
📰 BusinessTimes

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[BENGALURU] European shares rose on Tuesday, coming off a near seven-year low helped by stocks in Spain, which announced a bumper stimulus plan to combat the economic shock of the coronavirus. Read more at The Business Times.

"What this does underscore is that markets want to see firm action, and this is an example of that. I think it's positive that we're seeing the first steps in really massive measures."

Belgium's Proximus NV topped the telecoms sector, rising about 21 per cent after it extended a cloud-storage partnership.However, travel and leisure stocks, the worst affected by the outbreak, dropped about 5 per cent. The sector has declined for 18 of the 19 previous sessions, and is set to lose more than half of its value in the first quarter of 2020.

British theatre operator Cineworld Group plummeted 43 per cent to the bottom of the Stoxx 600, while restaurant operator SSP Group dropped 33 per cent after Britain advised people against pursuing social activities to curb the spread of the virus.

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Europe: Shares slump to 2012 lows; travel and leisure stocks pummelled[BENGALURU] European shares plummeted to 2012 lows on Monday as the coronavirus pandemic raged through Europe, with dramatic monetary easing by global central banks failing to reassure investors about its growing economic damage. Read more at The Business Times.
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