European shares extend gains, Germany outperforms

  • Reuters
  • Stock Market News
European shares extend gains, Germany outperforms
Credit: © Reuters.

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May 19 (Reuters) - European shares extended gains on Tuesday as fresh stimulus plans for the European Union added to hopes of a faster economic recovery from a coronavirus-fuelled downturn.

The pan-European STOXX 600 .STOXX rose 0.16% by 0716 GMT, with German stocks .GDAXI leading regional gains with a 0.9% rise.

Euro zone stocks .STOXXE gained 0.4% after France and Germany proposed a 500 billion euros recovery fund on Monday that would offer grants to European Union regions and sectors hit hardest by the pandemic. supported sentiment after the STOXX 600 saw its best performance since March 24 in the previous session after an encouraging report on a potential COVID-19 vaccine and on easing of lockdowns across several countries.

Struggling German industrial company Thyssenkrupp AG TKAG.DE jumped 6.2% said it was looking for partners for its steel and warship divisions. spirits company Remy Cointreau SA RCOP.PA dropped 6% after Goldman Sachs (NYSE: GS ) downgraded its shares to "neutral" from "buy".

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