3/25/2020, 5:34 PM (Source: TeleTrader)
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Europe closes higher on stimulus promises

Shares in Europe ended the trading session on Wednesday in the green as investors' hopes were fanned by promises of stimulus that would lessen the impact of COVID-19 pandemic.

Markets' gains were widely attributed to the news of an agreement between the US Senate and White House on the $2 trillion coronavirus relief package as well as France and Germany's announcements of economic stimuli.

On the data front, the Ifo's business climate index for Germany dropped to 86.1 points, marking the lowest since August 2009 at the height of the financial crisis.

The DAX gained 1.79% at the close. MTU Aero Engines led the gains, soaring nearly 14%. The CAC 40 added 3.67% as the session drew to a close thanks in part to Safran's 14% surge. Meanwhile, the FTSE 100 closed by jumping 3.46%. Jd Sports Fashion was the top gainer on London stock exchange, rocketing over 20%.

The euro gained 0.48% on the dollar, going for 1.08388 at 5:30 pm CET, while the pound advanced 0.53% versus the greenback, selling for 1.08388 at the same time.

Baha Breaking News (BBN) / GG