European stocks steady with focus on economic reopening

The pan-European STOXX 600 index rose 0.04 per cent by 0722 GMT. The benchmark posted a marginal weekly drop on Friday as it recovered much of its losses spurred by a US inflation scare. — Reuters pic

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LONDON, May 17 — European stocks inched higher on Monday after a sharp recovery late last week, as optimism about European economic reopening offset gloom from underwhelming China data.

The pan-European STOXX 600 index rose 0.04 per cent by 0722 GMT. The benchmark posted a marginal weekly drop on Friday as it recovered much of its losses spurred by a US inflation scare.

The British economy reopened on Monday, giving 65 million people a measure of freedom after the gloom of a four-month Covid-19 lockdown. UK’s blue-chip FTSE 100 was flat, while the domestically focussed midcap index rose 0.3 per cent.

Irish airline Ryanair rose 1.3 per cent despite reporting a record annual after-tax loss as it said there were signs the recovery had begun.

German chemical group Bayer fell 3.1 per cent after a US federal appeals court upheld a US$25 million (RM103.2 million) judgment and trial verdict finding the company’s Roundup caused a California resident’s non-Hodgkin lymphoma. — Reuters

Source: Malay Mail