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London stocks rise on signs COVID-19 crisis may be easing in parts of Europe

Published 07/04/2020, 08:41
Updated 07/04/2020, 08:42
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BP
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* FTSE 100 up 3.3%, FTSE 250 gains 4.9%

April 7 (Reuters) - Britain's shares gained on Tuesday,
boosted again by a surge in travel stocks as investors were
heartened by signs the COVID-19 crisis could be easing in the
worst-hit regions of Europe.
The blue-chip FTSE 100 index .FTSE rose 3.3% by 0822 GMT,
extending gains for the second day as the outbreak showed signs
of levelling off in New York, while hardest-hit Italy and Spain
have started looking ahead to easing lockdowns after steady
declines in their fatality rates. Still, doubts lingered as UK Prime Minister Boris Johnson
fought worsening coronavirus symptoms in an intensive care unit
on Tuesday, leaving his foreign minister Dominic Raab to
deputize. Oil majors BP BP.L and Royal Dutch Shell .RDSa.L gained
about 4% on hopes that major oil producers including Saudi
Arabia and Russia will agree to cut production soon. O/R
Carnival Corp CCL.L surged 26% as battered travel stocks
extended their rebound, with Saudi Arabia's sovereign wealth
fund and the Public Investment Fund (PIF), disclosing an 8.2%
stake in the coronavirus-hit cruise operator on Monday.
The improving risk appetite globally helped the FTSE 100
recover 17.4% from its March trough, while midcap shares .FTMC
gained nearly 24% from their lows.

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