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European shares bounce on Fed's stimulus plan

Published 16/06/2020, 08:28
Updated 16/06/2020, 08:30
© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
June 16 (Reuters) - European shares jumped on Tuesday as
sentiment was lifted by the launch of the U.S. Federal Reserve's
corporate bond buying programme and concerns about a second wave
of global coronavirus infections eased.
The Fed is set to start purchasing corporate bonds on
Tuesday through the secondary market corporate credit facility
(SMCCF), one of several emergency facilities recently launched
by the U.S. central bank to shore up liquidity. The pan-European STOXX 600 index .STOXX rose 2%,
recovering from a slump in the past few sessions that was
fuelled by grim forecasts of an economic rebound due to the
COVID-19 pandemic and a resurgence in infections in the United
States and Beijing.
But soothing some fears, health officials said there were 27
new coronavirus cases in Beijing, down from 36 new cases the
previous day. Battered travel and leisure stocks .SXTP surged 3.9%, led
by a 6.6% jump in Cineworld CINE.L after the British cinema
operator said it expected all of its theatres to reopen by July.
The German DAX index .GDAXI added 2.4%, while Italian
.FTMIB and British .FTSE bourses rose 2% and 2.5%,
respectively.
Germany's Zalando ZALG.DE fell 5.1% following a stake sale
by Swedish investment firm Kinnevik AB KINVb.ST in the online
fashion retailer.

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