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Markets

European stocks fizz higher at open

In the eurozone, Frankfurt's DAX soared 2.9 percent to 10,596.28 points and the Paris CAC 40 rebounded 2.6 percent
17 Apr 2020
  • In the eurozone, Frankfurt's DAX soared 2.9 percent to 10,596.28 points and the Paris CAC 40 rebounded 2.6 percent to 4,464.21.
  • Milan's FTSE Mib advanced 2.4 percent to 17,167.43 and Madrid's IBEX 35 won 2.3 percent to 6,918.60 points.

LONDON: Europe's stock markets rallied in opening deals Friday on news that China's economy has not been hit as badly as feared by the deadly novel coronavirus outbreak.

Sentiment was also bolstered by overnight Wall Street gains after US President Donald Trump laid out guidelines for a gradual reopening of the economy.

In initial European deals, London's benchmark FTSE 100 index of major blue-chip companies was up 2.5 percent at 5,770.27 points.

In the eurozone, Frankfurt's DAX soared 2.9 percent to 10,596.28 points and the Paris CAC 40 rebounded 2.6 percent to 4,464.21.

Milan's FTSE Mib advanced 2.4 percent to 17,167.43 and Madrid's IBEX 35 won 2.3 percent to 6,918.60 points.

Asia indices also posted healthy gains after official data in China showed the coronavirus pandemic had not hit economic growth as badly as some had feared.

Official data showed a 6.8-percent contraction last quarter --- the first negative growth reported since the country began logging quarterly data in the early 1990s.

The result was slightly better than the 8.2-percent fall forecast by economists in an AFP poll, though analysts in China and abroad have long harboured doubts about the accuracy of official GDP data.