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Europe: Stocks boosted by vaccine hopes, EU rescue fund optimism

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[BENGALURU] European shares turned higher on Monday, helped by encouraging data from an array of coronavirus vaccine candidates and after EU leaders sketched a framework agreement on a recovery fund to stimulate the pandemic-stricken euro zone economies. Read more at The Business Times.

Euro zone markets have rallied since an initial Franco-German proposal was announced in mid-May, but the plan has met with resistance from the"frugal" states led by the Netherlands over the size of grants doled out to the worst-affected states.

"It signals a will power get something through, rather than resorting to another summit over the next couple of weeks." Chris Bailey, a European strategist at Rayond James said,"People - especially non-European investors - have been disappointed so much by Europe that they need confirmation."In individual stock moves, Swiss wealth manager Julius Baer Gruppe AG declined 3 per cent as it reported a 6 per cent drop in assets under management from end-2019 in the six months through June.

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