European shares rise with recovery fund talks in focus
- European shares gained ground on Friday, ahead of the European Council’s meeting to negotiate the EU recovery fund, while German payments firm Wirecard tumbled for a second straight day after disclosing a $2.1 billion hole in cash balances.
The European Council will have its first meeting to discuss a commission’s proposal to raise 750 billion euros worth of debt to top up spending from joint coffers to be worth 1.1 trillion euros in 2021-27. “But a show of solidarity, even if the EU leaders were to make all the right noises over the coming weeks about the fund’s eventual approval, may restore some bullish momentum,” Tan said.
Wirecard lost another 44%, after plunging about 60% on Thursday, as it said it may be the victim of “fraud of considerable proportions” and suspended management board member Jan Marsalek.
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