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European shares boosted by upbeat earnings, gains in Total

Published 05/05/2020, 03:35 PM
Updated 05/05/2020, 03:40 PM
© Reuters.
TTEF
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PNDORA
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STOXX
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SXEP
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HFGG
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
May 5 (Reuters) - European stocks rose on Tuesday as a jump
in shares of French energy major Total and a slew of positive
earnings reports added to optimism over easing of lockdowns by
major economies.
The pan-European STOXX 600 .STOXX rose 1.7% by 0716 GMT,
after a three-day run of losses.
Total SA TOTF.PA gained 5.8% after it maintained its
dividend despite reporting a sharp fall in first-quarter net
adjusted profit due to a plunge in oil prices. Europe's oil and gas sector .SXEP also got a boost from
surging crude prices on expectations that fuel demand will begin
to recover as some U.S. states as well as countries in Europe
and Asia start to ease coronavirus lockdown measures. O/R
Among other companies that reported, German meal-kit
delivery firm HelloFresh HFGG.DE surged 5.8% after it raised
its 2020 forecast as continued lockdowns boosted its
first-quarter performance in international markets. Copenhagen-based jewellery maker Pandora PNDORA.CO jumped
6.2% after saying it was encouraged by higher online sales and
the reopening of stores in Germany and some other countries.
All eyes will turn to a German constitutional court ruling
on the legality of the European Central Bank's bond purchases,
later in the day. [ ]
Most analysts do not expect the court to rule against German
bond purchases, but investors are on high alert for anything
that could alter the ECB's massive stimulus scheme.

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