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European stocks rally, FTSE jumps 1% ahead of budget

Published 03/03/2021, 09:21
Updated 03/03/2021, 09:24
© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
March 3 (Reuters) - Hopes of a strong global economic
rebound lifted European stocks for a third straight session on
Wednesday as Germany looked set to relax coronavirus curbs,
while investors awaited details of UK's new budget measures to
boost the economy.
The pan-European STOXX 600 index .STOXX rose 0.7% by 0810
GMT, while the German DAX .GDAXI gained 0.9%, France's CAC 40
.FCHI was up 0.8% and UK's FTSE 100 .FTSE added 1%.
Weakness in U.S. bond yields supported global stocks, while
German Chancellor Angela Merkel was poised to agree a gradual
relaxation of coronavirus curbs with regional leaders, according
to draft plans seen by Reuters. All eyes will be on UK finance minister Rishi Sunak's budget
speech, due to begin around 1230 GMT. The plan includes a
five-month extension of a huge jobs rescue plan, to steer the
economy through what he hopes will be the final months of COVID
restrictions. Automakers .SXAP were the top gainers, with Stellantis
STLA.MI , Renault RENA.PA and Volkswagen VOWG_p.DE up
between 2.5% and 3.6%.
British insurer Hiscox Ltd HSX.L tumbled 8.8% to the
bottom of STOXX 600 as it swung to a huge loss for 2020 and
continued to withhold its dividend.

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