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European shares gain as UK, Italy outperform

Reuters | Updated: 11-05-2020 13:13 IST | Created: 11-05-2020 13:13 IST
European shares gain as UK, Italy outperform

European stocks rose on Monday, with UK markets posting sharp gains after the government outlined plans to gradually ease the lockdown, while shares in Germany's Wirecard jumped after it revamped its management board.

The pan-European STOXX 600 rose 0.5% by 0718 GMT, adding to slim gains made so far in May. Britain's FTSE 100 rose 0.8% after Prime Minister Boris Johnson said on Sunday the lockdown would not end yet but encouraged some people to return to work.

France is also set to cautiously lift coronavirus-induced restrictions. However, Germany saw a spike in cases just days after its leaders eased the lockdown. Germany's DAX still rose as payments company Wirecard jumped 10.8% after announcing a reshuffle of its management board amid allegations including accounting irregularities and disclosure violations, which it denied.

Italian shares gained 1.2% in relief that Moody's spared the country of a rating downgrade on Friday, but DBRS Morningstar cut Italy's trend to "negative" from "stable", citing uncertainty over the economic repercussions stemming from the outbreak.


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