European Stocks cling to gains as Trump plans support

European equities all but gave up gains on Friday after a report that U.S. President Donald Trump plans to declare a national emergency over the virus outbreak overshadowed optimism on policy responses in Europe.

The Stoxx 600 Index ended the session with up 1.4%, after earlier rallying as much as 8.8% as Germany pledged to spend “billions” to help cushion the blow from the pandemic. Trump plans to declare a national emergency invoking an act that will open the door to more federal aid for states and municipalities, people familiar with the matter said, before a scheduled news conference at 3 p.m. in Washington