European shares rise thanks to ECB stimulus

US, WASHINGTON (ORDO NEWS) — European stocks rose from nearly seven-year lows on Thursday, as another set of radical stimulus measures by the ECB gave markets hope that they could manage to cope with a serious crisis that swept the continent due to coronavirus.

The ECB at an emergency meeting on Wednesday announced a new program for the purchase of bonds worth 750 billion euros in an attempt to contain the effects of the coronavirus epidemic on the eurozone economy.

The pan-European STOXX 600 index grew by 1.4% to 11:33 Moscow time, almost all major regional indices are trading in positive territory.

The banking and oil and gas sectors grew at the start of trading, but the tourism index fell another 3% amid growing concerns about the complete collapse of the sector.

German Lufthansa said Thursday that the aviation industry may not survive without government assistance if the outbreak continues for a long time.

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