Europe opens higher despite recovery aid concerns

Monday, 28. September 2020 09:03

Major European stock markets opened higher on Monday in spite of the European Union's leaders' concerns regarding the details of the coronavirus budget package. The rule of law mechanism represents the biggest obstacle in the negotiations, with Brussels wanting to create a system permitting the suspension of bloc funding to member states in cases where they break the rule of law norms.

The DAX surged 1.66% at the opening with Deutsche Bank rising by 3.59%. The FTSE 100 grew by 0.56% as Standard Chartered Plc rose by 3.92%. The CAC 40 gained 1.62% with Renault jumping by 2.92%.

The euro stood flat against the dollar to sell for $1.16275 at 8:59 am CET. At the same time, the pound sterling rose by 0.28% against the greenback to exchange hands for $1.27794.

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