European shares supported by gains in retail, oil stocks
Reuters
Published Nov 20, 2020 08:35
(Reuters) - European stocks edged higher on Friday as gains in retail and oil shares offset worries about U.S. politics and an impasse over fresh stimulus measures to support a pandemic-stricken global economy.
The pan-European STOXX 600 index (STOXX) rose 0.2% by 0815 GMT, on track for marginal weekly gains after signs of progress on COVID-19 vaccine pushed the index to February highs earlier this week.
Global mood remained subdued after U.S. Treasury Secretary Steven Mnuchin said key pandemic lending programs at the Federal Reserve would expire on Dec. 31, putting the outgoing Trump administration at odds with the central bank.
UK's FTSE 100 (FTSE) found some support as retail sales bounced in October and British health minister said there were encouraging signs that virus cases were starting to flatten.
The retail index (SXRP) rose 0.8% to lead sectoral gains, followed by oil and gas (SXEP) as well as travel and leisure (SXTP) stocks.
Italy's BPER Banca (MI:EMII) rose 3.1% after the top investor in the bank threw its weight behind the idea of a merger with rival Banco BPM (MI:BAMI).
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Written By: Reuters
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