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European shares jump as coronavirus deaths slow

Published 06/04/2020, 08:14
Updated 06/04/2020, 08:18
FCHI
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IT40
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RR
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STOXX
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
April 6 (Reuters) - European shares rebounded on Monday as a
slowdown in coronavirus deaths in France and Italy raised hopes
that sweeping lockdowns were starting to show results.
The benchmark STOXX 600 index .STOXX was up 2.9% at 0707
GMT, after ending Friday with its sixth weekly decline in seven
as the health crisis stalled business activity.
Italian .FTMIB and French .FCHI bourses jumped 3.5% and
3.4%, respectively, as data showed Italy reported its lowest
daily death toll for more than two weeks on Sunday, while
France's death toll dropped and admissions into intensive care
slowed. The STOXX 600 index has lost more than $3 trillion in market
value since February as the slump in economic activity brought
many sectors to the verge of collapse, forcing companies to
suspend dividends and share buyback to shore up cash.
British aero-engine maker Rolls-Royce RR.L scrapped its
final dividend on Monday, but its shares jumped 5% after it said
it had secured an additional 1.5 billion pounds ($1.8 billion)
in reserves to manoeuvre a potential prolonged downturn.

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