Global stocks rise

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New York

Global stocks mostly rose Thursday on optimism over steps to reopen major economies worldwide, as European Union officials unveiled their own massive virus recovery plan. If passed, the 750 billion euro proposal would be the biggest EU stimulus package in history and could see Europe-wide taxes on plastics and big tech introduced in a major advance for European integration. “The announcement gave European shares another lift earlier, with the number being proposed larger than what Germany and France previously agreed,” OANDA analyst Craig Erlam told AFP. London, Paris and Frankfurt all climbed more than one percent. However German Chancellor Angela Merkel warned that the package may only come into force in January 2021, and Austria and Sweden were already pushing back on the project Wednesday. Wall Street, meanwhile, continued to rally on continued optimism over the reopening of the US economy, even as a fresh Federal Reserve report pointed to anxiety among many businesses. Investors are drawing hope from announcements such as Disney’s plan Wednesday to reopen its Florida theme parks and a decision by the Nevada governor late Tuesday to give the all clear for Las Vegas casinos to reopen with restrictions.—AFP