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European stocks extend gains on commodity, banking boost

Published 11/03/2020, 04:23 PM
Updated 11/03/2020, 04:30 PM
© Reuters.
BNPP
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STOXX
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SXEP
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SX7P
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SXPP
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Nov 3 (Reuters) - European shares extended their recovery
rally on Tuesday, with investors putting coronavirus worries on
the back burner for now as attention turned to the U.S.
presidential election.
The pan-European STOXX 600 index .STOXX rose 0.7% by 0809
GMT, after hitting five-month lows last week.
Growth-sensitive cyclical sectors such as oil and gas
.SXEP , miners .SXPP , and banks .SX7P once again led the
rally - all rising more than 1.5%.
Heading into Election Day, Republican President Donald Trump
trails Democratic rival Joe Biden in national polls, but Trump
is close in enough swing states to possibly piece together the
votes needed to win the presidency. A Biden win is widely considered supportive for European
equities on expectations of a bigger stimulus package and better
trade ties with the United States.
French bank BNP Paribas BNPP.PA jumped 4.6% as a surge in
currency and commodity trading helped it beat quarterly profit
expectations.

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