July 21, 2020 / 7:27 AM / 17 days ago

Eurozone shares hit March highs on EU deal optimism

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July 21 (Reuters) - Eurozone shares hit highest since early March on Tuesday after European Union leaders agreed on a landmark stimulus package to revive member states from a coronavirus-induced slump.

An index of eurozone stocks rose 1.1% by 0712 GMT to hit its highest level since March 5.

The broader pan-European STOXX 600 gained 0.9%, also hitting highest since March 5, amid growing optimism about a COVID-19 treatment after promising early data from trials of three potential vaccines.

EU leaders clinched a “historic” deal in the early hours of Tuesday, after a fractious summit that lasted almost five days.

They agreed on a 750-billion-euro recovery fund, with 390 billion euros as non-repayable grants, down from 500 billion euros originally proposed, and the rest in repayable loans.

Germany’s DAX surged to its highest since Feb. 24, boosted by shares of SAP SE and Siemens AG.

Logitech International SA rose 3.9% after the maker of computer peripherals raised its outlook for fiscal 2021.

Premium spirits maker Remy Cointreau SA gained 4.5% after it posted better-than-expected sales, due to resilient consumption in the United States and Britain. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)

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