BUSINESS European stock markets rally in early trade

BUSINESS

European stock markets rally in early trade

AFP

16:41, April 09, 2020

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File photo

European stock markets rallied in early deals Thursday after gains across Asia and a surge on Wall Street overnight, with the coronavirus outbreak close to peaking according to some experts.

Frankfurt jumped 2.4 percent, Paris gained 1.9 percent, Milan won 2.0 percent and Madrid climbed 1.7 percent.

Outside the eurozone, London advanced 2.2 percent, with all eyes also on whether OPEC and its partners will announce a cut in oil output after a meeting Thursday.

"Despite some pretty awful coronavirus statistics traders are optimistic that the outbreak is nearing its peak and that governments would roll out more stimulus," said City Index analyst Fiona Cincotta ahead of a long Easter weekend. 

"A jump in oil prices amid expectations of an output cut at today's OPEC meeting is also playing its part" in lifting stock markets, she said.

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