Europe closes with sharp gains on recovery hopes

Tuesday, 11. August 2020 17:30

European markets closed with strong gains on Tuesday, boosted by hopes of a coronavirus vaccine and more stimulus overseas.

Aside from Russia registering what it claims is the first COVID-19 vaccine, United States President Donald Trump said that he was "looking very seriously at a capital gains tax cut and also at an income tax cut for middle-income families."

The DAX closed 2.04% in the green as Continental AG led the gains. The French CAC 40 surged 2.41%; Unibail-Rodamco-Westfield was the top performer. In London, the FTSE 100 rallied 1.71% with GVC Holdings PLC soaring over 9%. The euro advanced 0.31% against the dollar at 5:45 pm CET, buying 1.17740. At the same time, the pound was up 0.10% versus the greenback, to go for 1.30871.

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