Oct 5, 2020

European Markets Closing Report: European markets close higher as investors track reports of Trump's improving health


Elliot Smith,Holly Ellyatt

European stocks closed higher Monday as global markets were calmed by reports of President Trump’s improving health as he’s treated for Covid-19.

.FTSEFTSE 100FTSE5949.6947.570.81416017906
.FCHICAC 40 IndexCAC4875.3250.441.0548576676

The pan-European Stoxx 600 closed 0.9% higher provisionally, with telecoms stocks climbing 2.3% to lead gains as all sectors except utilities traded in positive territory.

European markets are following their counterparts in the U.S. and Asia-Pacific higher Monday as political uncertainty following Trump’s Covid-19 diagnosis eases. 

On Wall Street, stocks rose as investors grew more hopeful that lawmakers would reach a compromise on a new stimulus deal in light of Trump contracting the virus and signs of a slowdown in economic recovery.

Trump said in a minute-long video posted on Twitter late Sunday that “we are getting great reports from the doctors.” The president also took a short, last-minute motorcade ride to wave to his supporters standing outside the hospital.

Nonetheless, the president’s doctors said they had begun treating him with dexamethasone, a steroid recommended for severe cases of Covid-19. The president was said to have experienced two drops in his oxygen levels since his diagnosis announcement just before 1 a.m. ET on Friday.

Oil prices also saw a strong rebound during Monday trade, up over 6% by the close in Europe, following a drop on Friday.  

In terms of individual share price moves, British engineering firm Weir Group rallied almost 16% after the sale of its oil and gas division, while French utility Suez dropped over 4% after investment fund Ardian opted against bidding for the company.

Meanwhile, shares of FTSE 250 constituent Cineworld plunged 36% Monday after the British cinema chain said it would close all of its U.K. and U.S. movie theaters this week.

- CNBC.com staff contributed to this report.

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