(Reuters) – European stocks rose on Tuesday as a jump in shares of French energy major Total and a slew of positive earnings reports added to optimism over easing of lockdowns by major economies.
The pan-European STOXX 600 () rose 1.7% by 0716 GMT, after a three-day run of losses.
Total SA (PA:) gained 5.8% after it maintained its dividend despite reporting a sharp fall in first-quarter net adjusted profit due to a plunge in oil prices.
Europe’s oil and gas sector () also got a boost from surging crude prices on expectations that fuel demand will begin to recover as some U.S. states as well as countries in Europe and Asia start to ease coronavirus lockdown measures.
Among other companies that reported, German meal-kit delivery firm HelloFresh (DE:) surged 5.8% after it raised its 2020 forecast as continued lockdowns boosted its first-quarter performance in international markets.
Copenhagen-based jewellery maker Pandora (CO:) jumped 6.2% after saying it was encouraged by higher online sales and the reopening of stores in Germany and some other countries.
All eyes will turn to a German constitutional court ruling on the legality of the European Central Bank’s bond purchases, later in the day.
Most analysts do not expect the court to rule against German bond purchases, but investors are on high alert for anything that could alter the ECB’s massive stimulus scheme.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Be the first to comment