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European Shares Rebound As Greece Passes Austerity Measures

European stocks recovered from heavy losses suffered earlier this week as oil extended gains for the third straight session and strong U.S. economic data helped investors put Trump worries on the back burner.

The Trump administration took the first step toward renegotiating the North American Free Trade Agreement, helping ease concerns over the president’s ability to deliver on his economic agenda.

Meanwhile, Greece’s lawmakers approved a reforms package that includes pension cuts and tax hikes as demanded by the country’s lenders in return for unlocking another tranche of bailout funds and to start discussions over debt relief.

The parliament nod came ahead of the Eurogroup meeting on May 22 when euro area finance ministers would consider disbursement of the bailout funds and discuss debt relief.

The pan-European Stoxx 600 index was up 0.6 percent at 391.39 in late opening deals, but was down more than 1 percent for the week.

The German DAX was rising 0.4 percent, France’s CAC 40 index was gaining 0.8 percent and the U.K.’s FTSE 100 was up half a percent.

French telecom giant Orange rose half a percent after it entered into exclusive negotiations to acquire a controlling stake in Business & Decision.

Danone shares advanced 1.5 percent. The food group is targeting an operating margin of above 16 percent in 2020.

Biopharmaceutical firm Shire Plc rose over 1 percent on saying it would highlight new research on the treatment of chronic hypoparathyroidism at the upcoming 19th Annual Meeting of the European Congress of Endocrinology in Portugal on May 20-23.

Swiss-based travel retailer Dufry soared 6.5 percent after Richemont bought a 5 percent stake in the company.

Food group Aryzta rallied 2 percent after appointing Dublin Airport Authority Chief Executive Kevin Toland as its new chief executive.

On the flip side, Hikma Pharma fell 5 percent as the drugmaker cut its full-year revenue forecasts, citing delays to the approval of its generic version of GlaxoSmithKline’s…

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