rally

European shares rally on improving data, insurers jump

By Sruthi Shankar

(Reuters) – European shares rallied on Wednesday, with insurers jumping after France’s AXA said it would pay a dividend, while improving global data spurred bets of faster economic recovery from the coronavirus crisis.

The pan-European STOXX 600 <.STOXX> rose 2.5% to close at its highest since March 6, with Germany’s DAX <.GDAXI> outpacing the rest of Europe with a 3.9% gain.

The German index recorded its strongest close since Feb 27, and is just 9.5% below its all-time high.

European markets have performed strongly so far this week as several countries eased strict lockdown measures, while hopes of more stimulus and encouraging developments on a potential COVID-19 treatment have helped the STOXX 6000 recover more than 37% from March lows.

“When (the slump) happened, there was not a fundamental issue in the economy. It was all down to a single event and there’s no reason why we

Read More

European stocks rack up hefty gains as cyclicals rally

By Sruthi Shankar

(Reuters) – European stocks racked up their best week in two months on Friday, with investors scooping up battered shares of banks, automakers and travel companies amid growing signs that the pandemic-hit global economy is recovering.

The pan-European STOXX 600 <.STOXX> ended the day 2.5% higher, getting an afternoon boost from data that showed U.S. economy unexpectedly added jobs in May after suffering record losses the prior month.

Euro zone blue chip stocks <.STOXXE> jumped 3.8% and the bloc’s lenders <.SX7E> rallied 7.6% for their best weekly gain since 2008’s global financial crisis.

Risky assets across the world have been lifted this week as economies continued to emerge from their lockdowns, while a bigger-than-expected stimulus package from the European Central Bank and hopes for European-Union wide fiscal action gave a further boost to the continent’s markets.

Growth-sensitive cyclical sectors that have suffered badly during the coronavirus crisis,

Read More