Although it is not verified, traders attribute sharp move to the 'good news'. FMTNews Coronavirus
LONDON: European shares on Wednesday jumped more than 1% after media reports of significant breakthroughs in treating people affected with the new coronavirus, with a slate of upbeat earnings reports also lifting the mood.
Reuters has not verified the media reports, but several traders attributed the sharp move in markets to them. Gains in construction and material stocks were led by French motorways and airport operator Vinci SA, which logged a 15% rise in its 2019 profit, sending its shares up 2.3%. Consumer staples stocks were undercut by a 9% drop in cigarette maker Imperial Brands Plc after it forecast a 10% fall in its first-half profit and cautioned on annual earnings because of a US regulatory ban.Irish paper-packaging maker Smurfit Kappa Group was among the top gainers on the STOXX 600 after it clocked a 7% rise in its 2019 core earnings.
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