European markets trade higher; CAC index up 5.5%

The pan-European Stoxx 600 climbed 5%, with travel and leisure stocks climbed after oil prices enjoyed their strongest day ever on Thursday.

Mar 20, 2020 09:03 IST India Infoline News Service

European-Markets
European markets bounced back on Friday morning after a volatile week as all sectors and major bourses traded firmly in positive territory.

The markets recovered after the central banks and governments around the world adopt a “whatever it takes” approach to mitigating the economic hit from the coronavirus pandemic.

The pan-European Stoxx 600 climbed 5%, with travel and leisure stocks climbed after oil prices enjoyed their strongest day ever on Thursday.

The Bank of England (BoE) on Wednesday has launched a substantial bond-buying program and issue further emergency cuts to interest rates, following similar moves by the European Central Bank, the US Federal Reserve and the Bank of Japan, while governments across major economies have begun to open the fiscal taps.

FTSE index gained 3%, DAX surged 5% and the CAC index also jumped over 5.5%.

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