European shares extend gains on stimulus boost

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 rose 0.6% by 0718 GMT, with travel & leisure, telecoms and automakers 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 and Safran rose 0.5% and 2.2%, respectively, after Boeing Co said it had resumed production of its 737 MAX passenger jet at its Washington plant. Scandinavian airline SAS 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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