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Europe: Stocks end higher as mood improves, Lufthansa jumps

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[BENGALURU] European stocks closed higher on Thursday, as improving economic data and more support from the European Central Bank (ECB) helped lift sentiment, while shares in Germany's Lufthansa jumped after a top shareholder backed a government bailout. Read more at The Business Times.

Meanwhile, in a first for a constituent of Germany's prestigious DAX, payments firm Wirecard collapsed owing creditors almost US$4 billion after disclosing a gaping hole in its books. Its shares slumped 71.3 per cent.After upbeat euro zone business activity readings for June earlier this week, a gauge of German consumer morale improved heading into July, raising hopes for an steady recovery from the coronavirus crisis.

However, surging Covid-19 cases in the United States, prospects of a fresh EU-US trade tussle and a worrying forecast for global economy put the Stoxx 600 on track for weekly losses. Budget airline easyJet was down 9.5 per cent after raising about £419 million through a share placement to help bolster its finances.

Sanofi edged up 0.9 per cent after Reuters reported the drugmaker is considering cutting hundreds of jobs. Bayer ended down 2.9 per cent, reversing earlier gains, after agreeing to pay as much as US$10.90 billion to settle US lawsuits claiming that its widely used weedkiller Roundup caused cancer.For daily updates on weekdays and specially selected content for the weekend. Subscribe to

 

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