European stocks nudge higher as stimulus hopes outweigh virus woes - GulfToday

European stocks nudge higher as stimulus hopes outweigh virus woes

  • 26 Aug 2020
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Picture used for illustrative purpose. File

European stocks inched higher on Wednesday as hopes of additional stimulus for Germany and France outweighed worries about rising cases of COVID-19 across the continent.

The German DAX rose 0.3% after coalition parties agreed to extend measures to cushion the effects of the coronavirus crisis, including prolonging a short-time work scheme and a freeze on insolvency rules.

Finance Minister Olaf Scholz said the additional measures could cost Germany 10 billion euros ($11.81 billion). 

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Brent prices climb on US output cuts, China trade deal hopes

Tokyo stocks close marginally lower

Asian shares lower as investors await Fed chair's speech

Neighbouring France is also set to present its economic recovery plan on September 3, Prime Minister Jean Castex said. Paris-listed shares were flat.

The pan-European STOXX 600 index rose 0.2% but held back fears after two European patients, confirmed to have been re-infected with COVID-19, raised concerns about people's immunity to the virus.

Swedish radiation therapy equipment maker Elekta jumped 14.1% after it reported a bigger-than-expected first-quarter profit.

Reuters

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