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European Shares Rally On Hopes Of Economic Revival

stockmarkets jan23 18may20 lt

European stocks were moving higher on Monday amid hopes for an early economic recovery as Italy, New York and Spain moved to ease quarantine restrictions.

Rising oil prices and comments from Fed Chair Jerome Powell also helped underpin investor sentiment.

In remarks aired on CBS's "Face the Nation", Powell said the United States would have a slow recovery from what he called the "biggest shock that the economy's had in living memory.

The pan European Stoxx 600 jumped nearly 2 percent to 334.76 after gaining half a percent on Friday.

The German DAX rallied 2.7 percent, while France's CAC 40 index and the U.K.'s FTSE 100 were up around 2.1 percent.

Fiat Chrysler Automobiles shares jumped 4 percent. The company confirmed that it is in talks with the Italian government to obtain a state guarantee on a 6.3 billion euros loan facility.

Ryanair Holdings jumped more than 9 percent. The budget airline said it has
received a 600 million-pound ($726 million) loan backed by the U.K. government.

Easyjet climbed over 6 percent and British Airways parent IAG soared 6.8 percent.

Energy majors BP Plc and Royal Dutch Shell Plc surged around 4 percent, while mining giant Anglo American soared 6.2 percent, Antofagasta rallied 3.3 percent and Glencore advanced 5.1 percent.

AstraZeneca gained 1.7 percent. The company said it would make up to 30 million doses of the Oxford coronavirus vaccine by September if the vaccine is successful.

Gold mining company Centamin jumped 5 percent. The company maintained its 2020 production outlook after reporting a rise in FY19 underlying EBITDA.

Vodafone shares rose about 1 percent. The telecommunications firm has partnered with Oppo to bring a range of handsets made by the Chinese smartphone brand, including 5G-ready devices, to Vodafone's European markets starting from May.

Hotel company Accor advanced 2.4 percent after it secured a new banking credit facility and said it is seeing some "initial signs of business improvement."

Total SA surged 4 percent as it called off plans to acquire Occidental Petroleum Corp's assets in Ghana, and agreed to buy up assets from Energías de Portugal.

German conglomerate Thyssenkrupp added 5 percent on a Reuters report that it was in talks with international peers about consolidating its loss-making steel business.

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