MILAN/FRANKFURT: European shares held near 10-month highs on Thursday, as hopes of more stimulus in the United States and potential COVID-19 vaccine rollouts in Europe strengthened the case for a global economic recovery.

Germany’s DAX climbed 0.8% to close at its highest since February, while the pan-European STOXX 600 index rose 0.3%, both extending gains to a fourth straight session.

With the pound surging as Brexit trade talks progressed and as the Bank of England stood pat on policy awaiting the fate of the deal, London’s FTSE 100 lagged 0.3%.

Topping the STOXX 600 were shares of Singature Aviation , rocketing 40.1% and conglomerate Thyssenkrupp surging 11.3%, both up on merger and acquisition chatter.

Aggressive monetary support has helped the STOXX 600 come closer to pre-pandemic levels, but it still remains about 8% below its high this year.

Shares of WPP Plc jumped 4.2% as the world’s biggest advertising firm said it expects to return to its 2019 level of net sales by 2022.

The basic materials index rose, with Rio Tinto up 1.0% after the miner appointed Chief Financial Officer Jakob Stausholm as its next chief executive.

Novartis climbed 1.2% after the drugmaker said it would acquire US-based neuroscience company Cadent for up to $770 million.—Reuters

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