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European stocks lifted by surprise rise in Chinese exports

Published 05/07/2020, 03:34 PM
Updated 05/07/2020, 03:40 PM
© Reuters.
UK100
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AIRF
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(For a live blog on European stocks, type LIVE/ in an Eikon
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May 7 (Reuters) - European shares edged higher on Thursday
as a surprise rise in China's exports overshadowed another set
of grim results and a warning from Air France-KLM that demand
could take "several years" to recover.
The pan-European STOXX 600 .STOXX rose 0.6% by 0715 GMT,
following a steady session in Asia after Beijing reported a 3.5%
rise in April exports, confounding market expectations for a
sharp fall, as factories restarted production after the
coronavirus pandemic. Europe's miners .SXPP and retailers .SXRP , exposed to
the health of the worlds No. 2 economy, led gains with a 1.5%
rise.
Air France AIRF.PA dipped 2.7% as the group predicted
operating losses to widen "significantly" in April-June quarter,
with 95% of flights expected to remain grounded. However, British Airways-owner IAG ICAG.L rose 0.5% after
saying it was planning for flights to return to service in July
although passenger capacity would be about 50% lower.
Britain's largest telecoms group BT BT.L tumbled 6.5% and
was the biggest decliner on UK's FTSE 100 .FTSE after it
suspended its dividend until 2021-22 and pulled its financial
outlook in response to the COVID-19 pandemic.

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