European Shares Near Highest Level in Nearly 3 Weeks on Hopes of US Stimulus

European stocks resumed their gains Thursday, approaching more than a three-week high, thanks to expectations of a targeted US stimulus package as well as positive corporate reports.

The pan-European STOXX 600 index rose 0.7% by 0707 GMT, with travel, entertainment, industry and chemicals leading the gains.

Wall Street indices rose overnight, thanks to indications that talks about providing support for the aviation sector hit by the coronavirus pandemic are making progress in Washington even after US President Donald Trump called off talks on a broader deal.

Ratos AB jumped 11.3% after company analytics firm Dun & Bradstreet said it would acquire European Bisnode from a Swedish private equity firm.

Mediobanca rose 2.4% after eyeglass magnate Leonardo Del Vecchio raised its stake to just over 10% in Italy’s largest investment bank.

Sensor maker AMS fell 3.1% as the company posted third-quarter sales near the upper end of the advisory range and announced a bond issue to raise long-term financing.