European shares hit a record high close on Monday as a rally in Italian banks an...
- European shares hit a record high close on Monday as a rally in Italian banks and fresh attempts by China to limit the economic impact of the coronavirus outbreak lifted investor spirits.
Despite a U.S. holiday dulling market activity, the pan-European STOXX 600 index rose 0.3%, with trade-sensitive German stocksAdding to the upbeat mood, Italy’s fifth-biggest bank UBI Banca jumped 5.5% after saying it aimed to nearly double net profit in the next three years, sending a broader index of Italian banks .FTIT8300 up 1.8%.
“The fact that China keeps signalling that they’re ready to somewhat bubblewrap the economy by pumping in stimulus - that’s what’s keeping markets in the green today,” said Connor Campbell, analyst at financial spread better Spreadex.
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