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European shares gain as Britain delivers rate cut

Published 11/03/2020, 09:09
Updated 11/03/2020, 09:18
© Reuters.  European shares gain as Britain delivers rate cut

(For a live blog on European stocks, type LIVE/ in an Eikon

news window)

March 11 (Reuters) - European shares rose for the first time

in five sessions on Wednesday, as Britain became the latest

country to cut interest rates in a bid to contain the economic

damage from the coronavirus epidemic.

The benchmark STOXX 600 .STOXX was up 1.4% at 0803 GMT,

with London's FTSE 100 .FTSE rising 1.5% after the Bank of

England cut rates for the first time since August 2016.

The move also lifted sentiment in Germany .GDAXI , France

.FCHI and Spain .IBEX , with bourses there adding between

1.4% and 2.2% following four days of declines on the double

shock of a collapse in oil prices and the rapid spread of the

virus.

All the European sub-sectors were trading higher, with the

oil and gas .SXEP , utilities .SX6P , autos .SXAP and

banking .SX7P indexes among the biggest gainers.

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