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European stocks gain, spurred on by cyclical rally

Published 07/13/2020, 03:37 PM
Updated 07/13/2020, 03:40 PM
© Reuters.

© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
July 13 (Reuters) - European shares rose on Monday, with
cyclical sectors leading gains as investors hoped the upcoming
earnings season will feed into signs of an economic recovery
from the coronavirus-induced downturn.
The pan-European STOXX .STOXX index rose 0.8% by 0720 GMT,
with banks .SX7P , automakers .SXAP and oil & gas .SXEP
rising between 1.2% and 2.0%.
Miners .SXPP gained 2.0% on optimism over China's recovery
and surging metal prices. .SS MET/L
Global investor sentiment also brightened at the start of a
week that kicks off the U.S. and European quarterly earnings
season and includes a summit over the European Union recovery
fund and a European Central Bank policy meeting.
Finnish valves maker Neles NELES.HE jumped 35.8% to the
top of STOXX 600 after Swedish industrial group Alfa Laval
ALFA.ST announced a recommended 1.73 billion euro ($1.96
billion) cash bid. Nordic bank DNB DNB.OL rose 9.0% and Nordic Semiconductor
NOD.OL gained 7.7% following better-than-expected earnings
reports.

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