BUSINESS European stocks jump more than 2.0% at open

BUSINESS

European stocks jump more than 2.0% at open

AFP

15:44, May 18, 2020

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Photo: CGTN

Europe's main stock markets rallied in opening deals on Monday, with investor sentiment buoyed by a further easing of coronavirus lockdowns around the world.

At the opening bell, London's benchmark FTSE 100 index of major blue-chip companies rose 2.4 percent to 5,938.55 points, compared with the closing level on Friday.

In the eurozone, Frankfurt's DAX 30 index won 2.5 percent to 10,721.84 points and the Paris CAC 40 gained 2.1 percent to 4,368.97.

Asian indices also advanced Monday as easing lockdowns offset another round of data highlighting the sharp economic pain being inflicted by the fatal COVID-19 outbreak.

Traders also looked past a warning from the head of the Federal Reserve that a full recovery would likely not come until next year.

"European futures are trading higher as traders are picking up the momentum from Asia," said analyst Naeem Aslam at trading firm AvaTrade on Monday.

"Investors are hopeful about the business activity resuming across major countries after a long period of lockdown.

"This has also pushed the US futures higher and today's price action may help the major US indices to trim some of their losses from last week."


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