[BENGALURU] Euro zone stocks were buoyed on Wednesday by a 750-billion-euro (S$1.17 trillion) plan to prop up EU economies hammered by the coronavirus crisis, but falls for healthcare and technology stocks weighed on broader European markets. Read more at The Business Times.
"The size of the market reaction is relatively modest if you compare it to the plan itself, but that is because there were quite some expectations in the market," said Elwin de Groot, head of macro strategy at Rabobank.
A Franco-German proposal for 500 billion euros in grants last week faced some resistance from more frugal northern nations, which wanted only loans.Renault jumped 17.5 per cent after the French carmaker and Nissan Motor Co doubled down on a plan to cooperate on production to save costs and salvage their troubled alliance.
"European investors are really focusing on the reopening and that's gathering some momentum," said Ian Williams, strategist at Peel Hunt.
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