European stocks end higher on tech boost, stimulus hopes | Malay Mail

📆 2020-08-27 5:58 PM
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LONDON, Aug 27 — European stocks closed higher yesterday as news of additional stimulus in Germany and anticipated economic recovery measures in France overcame concerns about rising Covid-19 cases across the continent. The pan-European STOXX 600 index added 0.9 per cent, with German stocks up 1...

Heavyweight German enterprise software maker SAP SE rose 2.2 per cent after US peer Salesforce.com raised its 2021 revenue forecast. — Reuters pic

Having led the recovery from March’s pandemic-driven lows, technology shares were the day’s best performers, mirroring gains on Wall Street. “This is an important sign for investors, as another standstill of the European economy would have devastating consequences,” said Milan Cutkovic, Market Analyst at AxiCorp

Markets were also waiting for US Federal Reserve Chairman Jerome Powell’s speech today, which could offer further cues on the US economic recovery. Swedish radiation therapy equipment maker Elekta topped the STOXX 600 after posting a bigger-than-expected first-quarter profit.

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