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European Shares Make Cautious Gains

european market 021219 29jun20 lt

European stocks were flat to slightly higher Monday against a backdrop of rising coronavirus infections in the U.S. and elsewhere around the world.

The pan European Stoxx 600 was marginally higher at 358.37 after declining 0.4 percent on Friday. The German DAX rose half a percent, France's CAC 40 index was marginally higher and the U.K.'s FTSE 100 was up 0.4 percent.

ams AG shares soared 4 percent. The Austrian sensor producer said that it approached the Austrian authorities on its own initiative with regard to investigations alleged in Thursday media reports.

Novo Nordisk edged up slightly. The company said that Rybelsus has been approved in Japan for the treatment of adults with type 2 diabetes.

Nokia declined half a percent. The company has been selected by Taiwan Mobile as the sole supplier of its 5G network.

Airline Ryanair Holdings rallied 2.4 percent and easyJet surged 4.6 percent while Lufthansa tumbled 3.6 percent.

Drinks maker Diageo was moving lower after announcing it will pause paid advertising globally on "major social media platforms" beginning in July.

Shares of TUI AG surged 3.6 percent on reports that the travel company has seen a 50 percent week-on-week increase in bookings over the past week.

Airbus advanced 2 percent. Speaking at the WELT discussion, Chief Executive Officer Guillaume Faury said the company assumes that production and deliveries for the next two years will be 40 percent below prior estimates. Volume levels are anticipated to hit the previous numbers by 2025, at the earliest.

Wirecard AG shares jumped as much as 130 percent. After filing for insolvency, the scandal-hit payments company said that its business activities will be continued.

In economic releases, Eurozone economic sentiment improved at the strongest pace on record in June, data published by the European Commission showed.

The economic sentiment index climbed 8.2 points to 75.7 in June. However, the reading was below economists' forecast of 80.0.

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