European shares trudge higher as stimulus wave stems selloff

  • Reuters
  • Stock Market News
European shares trudge higher as stimulus wave stems selloff
Credit: © Reuters.

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March 24 (Reuters) - European shares attempted another rebound on Tuesday after slumping in the previous session, as a fresh round of monetary and fiscal stimulus offered some relief even as the coronavirus pandemic spreads rapidly across the globe.

The pan-European STOXX 600 index .STOXX was up 3% at 0802 GMT, but still set for its worst month since 1987 as the health crisis threatened to crimp global growth, with some analysts seeing a 24% fall in European GDP in the second quarter.

Although investors have largely shrugged off macroeconomic data so far, all eyes will now be on a flash reading of activity surveys from the euro zone due later in the day for signs of the extent of the economic damage from the outbreak. and leisure stocks .SXTP , which have posted some of the heaviest losses this month, were up 2.6% in early trading.

Miners .SXPP , insurers .SXIP and oil and gas stocks .SEXP were the biggest gainers among the major European subsectors, rising between 5% and 6%.

France's Biomérieux BIOX.PA jumped 30% after the healthcare company won approval from the U.S. Food and Drug Administration for its product aimed at testing for coronavirus.

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