LONDON - Stocks edged higher on Monday after a survey showed German business morale rebounded in May, boosting optimism around economic re-openings, although caution prompted the dollar to snap a rare losing streak.
The German economy is starting to recover as curbs to slow the coronavirus are lifted, a business morale survey showed on Monday, and separate output data pointed to the importance of government spending to support the recovery.
Oil prices edged higher on Monday, as more countries continued to gradually ease coronavirus lockdown restrictions, boosting the demand outlook for the fuel, but gains were muted in holiday thinned trade.
FRANKFURT/BERLIN - The German government and the management of flagship carrier Lufthansa (DE:LHAG), which has been hit hard by the coronavirus pandemic, have reached a preliminary deal on a 9 billion euro ($9.8 billion) bailout, two people close to the matter said.
FRANKFURT - European countries need to join forces to shield their banks from the coronavirus outbreak, one of the bloc's top regulators said on Monday, potentially using a 500 billion euro ($545 billion) EU recovery fund to do so.