European shares rise on firmer oil and chance of more stimulus

By: | Published: June 29, 2016 3:05 PM

European shares rose on Wednesday, with higher oil prices and the chance of more monetary stimulus helping markets in their bid to recover from the hit from Britain's vote to exit the European Union.

firmer oil The pan-European STOXX 600 index, which had slumped 11 percent over the course of Friday and Monday, rose 1.2 percent, building on a 2.6 percent gain in the previous session.
(Reuters)

European shares rose on Wednesday, with higher oil prices and the chance of more monetary stimulus helping markets in their bid to recover from the hit from Britain’s vote to exit the European Union.

The pan-European STOXX 600 index, which had slumped 11 percent over the course of Friday and Monday, rose 1.2 percent, building on a 2.6 percent gain in the previous session.

The FTSEurofirst 300 also stood 1.2 percent higher.

ALSO READ: Gold dips as firmer oil prices boost equities

The shares of European oil majors rose as the impact from a potential strike in Norway lifted oil prices.

European stocks were further supported from a drop in sovereign bond yields, with France’s 10-year bond yield hitting a new record low amid expectations for further monetary stimulus to offset the negative impact of last week’s ‘Brexit’ vote on the euro zone economy.

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