European shares inch higher, Wirecard surges

(Reuters) - European shares edged higher on Monday as investors clung to hopes of a quicker economic recovery in the...

Ahmad Tariq

29 Jun, 2020

Business

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 26, 2020. REUTERS/Staff

(Reuters) - European shares edged higher on Monday as investors clung to hopes of a quicker economic recovery in the continent even as coronavirus cases surged globally.

The pan-European STOXX 600 index rose 0.2% after opening in the red, lifted by automakers .SXAP and travel & leisure .SXTP companies.

European markets have outperformed in the recent weeks, helped by its relative success in reopening its economy and the European Union’s proposed 750 billion euro ($841.73 billion) recovery fund.

However, Asian markets were on a weaker footing as the global death toll from COVID-19 reached half a million people on Sunday, according to a Reuters tally.

German scandal-hit payments company Wirecard (WDIG.DE) surged 93.6% after saying it would proceed with business activities after filing for insolvency.

Austrian sensor producer AMS (AMS.VI) (AMS.S) jumped 6.6% after Reuters reported the company is poised to get the go-ahead from the European Union for its acquisition of German lighting group Osram (OSRn.DE).