European stocks jump as carmakers, HelloFresh rally
Reuters
Published Aug 11, 2020 08:28
(Reuters) - European stocks rose for a third straight session on Tuesday as automakers gained on strong China sales data, with hopes of a steady economic recovery from the coronavirus crisis boosting global sentiment.
The pan-European STOXX 600 index (STOXX) rose 1.2% by 0716 GMT, led again by a rally in growth-sensitive cyclical sectors like travel and leisure (SXTP), miners (SXPP) and energy firms (SXEP).
Automakers (SXAP) rose 2.8% after data showed China's auto sales in July climbed 16.4% from a year earlier, the fourth consecutive month of gains as the world's biggest vehicle market comes off lows hit during coronavirus lockdown.
German meal-kit delivery firm HelloFresh (DE:HFGG), whose shares have more than doubled in value this year, rose 5.6% after it raised its full-year guidance.
Investors globally took heart from signs that another round of U.S.-China sparring appears not to have spilled over into trade, with hopes of additional U.S. fiscal stimulus boosting the sentiment. [MKTS/GLOB]
UK's FTSE 100 (FTSE) climbed 1.3% even as data showed the number of people in work in Britain fell by 220,000 in the three months to June, the most since 2009.
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Written By: Reuters
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