EUROPEAN shares rose on Monday, with cyclical sectors leading gains as investors hoped the upcoming earnings season will feed into signs of an economic recovery from the coronavirus-induced downturn.
The pan-European STOXX index rose 0.8% by 0720 GMT, with banks, automakers and oil & gas rising between 1.2% and 2.0%.
Miners gained 2.0% on optimism over China’s recovery and surging metal prices.
Global investor sentiment also brightened at the start of a week that kicks off the US and European quarterly earnings season and includes a summit over the European Union recovery fund and a European Central Bank policy meeting.
Finnish valves maker Neles jumped 35.8% to the top of the STOXX 600 after Swedish industrial group Alfa Laval announced a recommended €1.73 bil (RM8.36 bil) cash bid.
Nordic bank DNB rose 9% and Nordic Semiconductor gained 7.7% following better-than-expected earnings reports. – July 13, 2020, Reuters
