March 11, 2020 / 8:11 AM / 4 months ago

European shares gain as Britain delivers rate cut

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March 11 (Reuters) - European shares rose for the first time in five sessions on Wednesday, as Britain became the latest country to cut interest rates in a bid to contain the economic damage from the coronavirus epidemic.

The benchmark STOXX 600 was up 1.4% at 0803 GMT, with London's FTSE 100 rising 1.5% after the Bank of England cut rates for the first time since August 2016.

The move also lifted sentiment in Germany, France and Spain, with bourses there adding between 1.4% and 2.2% following four days of declines on the double shock of a collapse in oil prices and the rapid spread of the virus.

All the European sub-sectors were trading higher, with the oil and gas, utilities, autos and banking indexes among the biggest gainers. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Anil D'Silva)

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