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China rally triggers gains in European cyclical stocks

Published 07/06/2020, 03:25 PM
Updated 07/06/2020, 03:30 PM
© Reuters.
UK100
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FCHI
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DE40
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BTRW
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PSN
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TW
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STOXX
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SOON
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CSI300
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SXEP
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SX7P
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SXAP
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SXNP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
July 6 (Reuters) - European shares jumped in early trading
on Monday, with a rally in China's markets setting an upbeat
tone as investors banked on the world's second biggest economy
to lead a recovery from the coronavirus crisis.
The pan-European STOXX 600 .STOXX rose 1.7% by 0714 GMT,
with stocks exposed to China, like carmakers .SXAP ,
industrials .SXNP , energy firms .SXEP and luxury goods
makers rising strongly, while banks .SX7P also rallied.
The German DAX .GDAXI , London's FTSE 100 .FTSE and
France's CAC 40 .FCHI all rose about 2%.
China's blue-chip index .CSI300 jumped over 5%, as
investors stocked up on cheap funding to invest in an economy
that analysts predict will recover faster and better than other
major countries battling new waves of infections. .SS
UK homebuilders Persimmon PSN.L , Taylor Wimpey TW.L and
Barratt Developments BDEV.L gained about 5% after reports that
British Finance Minister Rishi Sunak planned to raise a property
tax threshold, among other steps to reduce the economic toll of
the health crisis. Sonova SOON.S , the world's biggest hearing aid maker, rose
5.4% after saying it would close some stores and cut jobs as it
expects first-half results to only partially recover from the
pandemic.

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