European stocks extend gains on commodity, banking boost
Reuters
Published Nov 03, 2020 08:29
(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 (PA:BNPP) jumped 4.6% as a surge in currency and commodity trading helped it beat quarterly profit expectations.
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Written By: Reuters
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