European shares extend gains on stimulus boost

  • Reuters
  • Stock Market News
European shares extend gains on stimulus boost
Credit: © Reuters.

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May 28 (Reuters) - European shares rose for the fourth straight session on Thursday, as optimism over businesses returning to work and a massive stimulus plan for the European Union outweighed concerns over rising U.S.-China tensions.

The pan-European STOXX 600 .STOXX rose 0.6% by 0718 GMT, with travel & leisure .SXTP , telecoms .SXKP and automakers .SXAP leading the gains.

The benchmark index has climbed more than 30% from March lows as investors pinned hopes on a gradual recovery with policymakers injecting trillions of dollars in the global economy and drugmakers racing to develop a coronavirus vaccine.

French aerospace companies Airbus AIR.PA and Safran SAF.PA rose 0.5% and 2.2%, respectively, after Boeing (NYSE: BA ) Co BA.N said it had resumed production of its 737 MAX passenger jet at its Washington plant. airline SAS SAS.ST slumped 9.1% after reporting a deep loss in the second quarter and said it was in intensive talks with shareholders to tap more funding to help it ride out a collapse in global air travel.

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