European shares track Asia gains on rebound optimism

  • Reuters
  • Stock Market News
European shares track Asia gains on rebound optimism
Credit: © Reuters.

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Oct 12 (Reuters) - European shares crept higher on Monday, tracking gains in Asia that were fuelled by optimism over a rebound in China's economy, while investors remained cautious about a surge in domestic coronavirus cases.

The pan-European STOXX 600 .STOXX was up 0.3% at 0702 GMT, with telecom .SXKP and auto .SXAP stocks leading gains.

The benchmark index ended Friday with its second consecutive week of gains on bets of more U.S. fiscal stimulus and growing expectations of a Democratic victory in the U.S. presidential election.

Still, gains on Monday were capped by a jump in new COVID-19 cases that have raised the spectre of more lockdowns. UK Prime Minister Boris Johnson is expected to announce new measures on Monday, while Italy is preparing fresh nationwide restrictions. FTSE 100 .FTSE was down 0.2%, while the Italian bourse .FTMIB added 0.2%.

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