Latest News

UK News

Click Here to read UK News

Forex News

Click Here to read Forex News

Market News

Click Here to read Market News

Irish News
Telecoms lift European stocks after Sunrise buyout offer
Published at 12/08/2020 at 08:36

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

Aug 12 (Reuters) - Telecoms stocks boosted European bourses on Wednesday following Liberty Global's takeover offer for Sunrise Communications, while London's FTSE 100 gained on bets of domestic stimulus after a collapse in quarterly economic output.

The pan-European STOXX 600 was up 0.2%, gaining for a fourth straight session.

Sunrise Communications surged 26.8% after Liberty Global launched a takeover offer for the Swiss telecoms group in a deal valued at 6.8 billion Swiss francs ($7.40 billion).

Wall Street indexes fell overnight on growing uncertainty about a stalemate in Washington over a fiscal stimulus deal, while data showed Britain's economy shrank by a record 20.4% between April and June, the largest contraction reported by any major economy so far.

London-listed shares of European food-ordering firm Just Eat NV also rose 3.3% after reporting higher revenue and underlying profit for the first half of 2020.

British online fashion retailer ASOS jumped 9.9% as it forecast full-year sales and profit significantly ahead of market expectations.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur)

((; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2787;))