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European shares climb on trade relief, PMIs in focus

Published 06/23/2020, 03:24 PM
Updated 06/23/2020, 03:30 PM
© Reuters.
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
June 23 (Reuters) - European shares inched higher on Tuesday
on relief that the U.S.-China Phase One trade deal was "fully
intact", while investors awaited the latest batch of business
activity data to gauge the pace of recovery from the coronavirus
crisis.
The pan-European STOXX 600 index .STOXX rose 0.6% by 0711
GMT, led higher by technology .SX8P , financial services
.SXFP , and industrial goods and services .SXNP sectors.
Stoking volatile trading overnight, White House trade
adviser Peter Navarro said the trade deal with China was "over",
but later walked back those remarks, while U.S. President Donald
Trump confirmed in a tweet the trade deal was fully intact.
Markit's early readings of euro zone Purchasing Managers'
index (PMI) for June, due at 0800 GMT, are likely to show
business activity further improved from record low levels in
April as many countries eased restrictions.
Bayer AG BAYGn.DE gained 1.6% after a U.S. federal appeals
court blocked California from requiring the company to label its
glyphosate-based weed killer, Roundup, with a cancer warning.
German metals trader Kloeckner & Co KCOGn.DE jumped 15.2%
after it provided positive earnings outlook for the second
quarter.

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