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Energy stocks prop up European shares after coronavirus-led rout

Published 04/02/2020, 03:19 PM
Updated 04/02/2020, 03:20 PM
© Reuters.
BP
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SHEL
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TTEF
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HAYS
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STOXX
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SXEP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
April 2 (Reuters) - European shares bounced on Thursday,
driven by a recovery in energy stocks on rising hopes of a truce
in the Saudi-Russia oil price war, but worries about the
coronavirus pandemic lingered ahead of another expected surge in
U.S. jobless claims data.
The pan-European STOXX 600 index .STOXX was up 0.6% at
0704 GMT, with Royal Dutch Shell RDSa.L , Total SA TOTF.PA
and BP BP.L jumping between 3.3% and 5.0%. The wider energy
index .SXEP surged 3.7%. O/R
Investor sentiment has recently swung between headlines on
the corporate damage from the health crisis and an unprecedented
round of stimulus measures to cushion its economic impact, with
the STOXX 600 down more than 25% from its record high despite a
rebound last week.
With tough containment measures stalling business activity
and sparking mass staff furloughs, initial U.S. jobless claims
are expected to have climbed to a seasonally adjusted 3.5
million for the week ended March 28, with some estimates ranging
as high as 5.25 million. One of the world's biggest recruiters Hays HAYS.L slumped
13% to the bottom of the STOXX 600 after announcing an emergency
200 million pound ($248.36 million) issue of shares on Thursday.

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