Stocks

European shares edge higher, Air France jumps on aid deal

Reuters June 26 | Updated on June 26, 2020 Published on June 26, 2020

The pan-European STOXX 600 index was down 0.4 per cent. File Photo   -  Reuters

European stocks opened higher on Friday, propped up by positive company updates, although investors remained cautious about a resurgence in US Covid-19 cases and its impact on the global economy.

The pan-European STOXX 600 index was up 0.6 per cent by 0720 GMT, with technology, chemical companies and miners leading sectoral gains.

Markets this week have swung between fears of a second wave of coronavirus cases and signs of more economic support from governments and central banks. The STOXX 600 is still on course to post a 1 per cent weekly loss.

Air France-KLM jumped 5 per cent after the governments of France and the Netherlands reached a deal on an aid package for the airline group, with the latter saying it would provide a 3.4 billion euro ($3.81 billion) financing package.

AMS rose 5.7 per cent after the Austria-based semiconductor company rejected media allegations of market manipulation during its takeover of Osram.

Published on June 26, 2020
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