The FTSE-100 is set to rise today amid hopes for Europe’s coronavirus bounceback.
THE FTSE-100 index looked set to jump at least 46 points to 6,190 today over hopes for a wider European recovery from the coronavirus crisis.
Market sentiment was given a boost as news of a bumper aid scheme, for troubled parts of the EU, was launched yesterday after the European Commission announced plans for a €500 billion aid fund for the worst-affected European countries. The funds will be raised through an issue of bonds and would be handed out as grants to deserving regions hit hardest by the economic impact of the virus.
The package was announced by Commission President Ursula von der Leyen who said “this is Europe’s moment” but a final deal still needs to be hammered out.
The bailout comes after French President Emmanuel Macron and German Chancellor Angela Merkel gave their backing – despite her earlier reluctance for the money going in grants.