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CORRECTED-European shares rise on upbeat China data; Renault jumps

Published 06/03/2020, 03:22 PM
Updated 06/03/2020, 03:50 PM
© Reuters.
AXAF
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RENA
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STOXX
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SXEP
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SXAP
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(Corrects time to "0800 GMT" from "0900 GMT" in paragraph 4)
June 3 (Reuters) - European shares joined a global rally on
Wednesday as signs of a pickup in China's services activity
offset concerns about Sino-U.S. trade tensions and widespread
civil unrest in the United States.
The pan-European STOXX 600 .STOXX rose 0.8% by 0714 GMT,
holding near a three-month high.
Sectors exposed to the health of China's economy such as oil
& gas .SXEP and automakers .SXAP rose more than 1% after a
survey showed China's services sector returned to growth in May
for the first time since January, even though employment and
overseas demand remained weak. Final data on euro zone business activity for May is due at
0800 GMT.
Among individual stocks, Renault SA RENA.PA jumped 7.7%
after it finalised a 5 billion euro ($5.60 billion) loan from
with the French government and Goldman Sachs upgraded its stock
to "buy". French insurer AXA AXAF.PA rose 5% after revealing plans
to halve its dividend amid the coronavirus crisis, while adding
that it could propose an additional fourth-quarter shareholder
payment if conditions improved.

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