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European shares rise in relief over Trump's China response

Published 06/01/2020, 03:33 PM
Updated 06/01/2020, 03:40 PM
© Reuters.
MDBI
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TED
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STOXX
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SX7P
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SXPP
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SXTP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
June 1 (Reuters) - European shares edged closer to a
three-month high on Monday on hopes of a post-coronavirus global
recovery, with investors relieved that the U.S. response to
China's national security law on Hong Kong was not as bad as
feared.
The pan-European STOXX 600 index .STOXX rose 1% by 0723
GMT and hovered near its strongest level since March 9, led by
gains in banks .SX7P , miners .SXPP and travel & leisure
stocks .SXTP .
U.S. President Donald Trump began the process of ending
special treatment for Hong Kong to punish China on Friday, but
did not mention actions that could undermine the Phase One trade
deal. Meanwhile, business activity surveys showed China's factory
activity grew at a slower pace in May but momentum in the
services and construction sectors quickened as businesses
emerged from shutdowns. Euro zone manufacturing PMI numbers are due later in the
day.
Among individual stocks, Italy's Mediobanca MDBI.MI jumped
10% after billionaire Leonardo Del Vecchio confirmed he had
asked for green light from the European Central Bank to increase
his stake in the company. UK fashion brand Ted Baker TED.L fell 6.7% as it rolled
out plans to raise 95 million pounds ($117.84 million) through a
stock issue to help it ride out the challenges posed by the
coronavirus. Markets in Germany, Switzerland, Denmark and Norway are
closed for Whit Monday holidays.

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