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MarketScreener Homepage  >  Indexes  >  Switzerland  >  Euro Stoxx 50       EU0009658145

EURO STOXX 50

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European shares gain as recovery hopes boost cyclicals

06/01/2020 | 12:28pm EST
FILE PHOTO:  The German share price index DAX graph is pictured at the stock exchange in Frankfurt

By Sruthi Shankar

European shares rose on Monday, as signs of recovery for the continent's manufacturers prompted investors to continue snapping up cyclical stocks.

The pan-European STOXX 600 index finished up 1.1%, holding at highest level since March 9 even as trading activity was dulled by market holidays for Germany, Switzerland, Denmark and Norway.

Growth-sensitive sectors beaten up by the coronavirus crisis led the gains, with travel & leisure jumping 3%, while banks <.SX7P>, miners and oil & gas companies rose between 2% and 2.6%.

While factory activity still contracted sharply across Europe in May, purchasing managers said April lows had passed as governments began to ease the tough coronavirus-led lockdown measures.

After crashing to its lowest reading in the survey's nearly 22-year history in April, IHS Markit's Manufacturing Purchasing Managers' Index (PMI) for the euro zone rose to 39.4 from 33.4.

"The current beta rotation is helping the overall market through increased breadth," analysts at J.P.Morgan Cazenove note.

But they cautioned the current move up in PMI will not end up building on itself "as the rebound is largely technical in nature."

Investors also took relief as U.S. President Donald Trump left the Phase One trade deal intact even as he began the process of ending special treatment for Hong Kong in response to China's plans to impose new security legislation in the territory.

China has told state-owned firms to halt purchases of soybeans and pork from the United States, sources told Reuters.

Global markets kicked off June on a positive note, with the STOXX 600 recovering nearly 32% since March lows as hopes of a COVID-19 vaccine, easing lockdowns and expectations of more stimulus from the European Central Bank, set to meet on Thursday, helped improve risk appetite.

MasMovil surged 23.8% as buyout funds KKR, Cinven and Providence said they had made a 2.96 billion euro ($3.3 billion) board-backed bid for the Spanish telecoms operator.

Italy's Mediobanca jumped 8.1% after billionaire Leonardo Del Vecchio confirmed he had asked for green light from the European Central Bank to increase his stake in the company.

Primark-owner Associated British Foods gained 8% as it announced it was working to re-open all the fashion retailer's 153 stores in England on June 15.

UK fashion brand Ted Baker reversed course to trade 4.1% higher as it rolled out plans to raise 95 million pounds ($117.84 million) through a stock issue to help it ride out the COVID-19 crisis.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur and Peter Graff)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ASSOCIATED BRITISH FOODS PLC -0.58% 2240 Delayed Quote.-0.40%
ESSILORLUXOTTICA -2.33% 123.55 Real-time Quote.-0.82%
EURO STOXX 50 -1.42% 3589.51 Delayed Quote.2.50%
KKR & CO. INC. -1.39% 40.405 Delayed Quote.1.21%
LONDON BRENT OIL -2.66% 54.92 Delayed Quote.8.12%
MEDIOBANCA S.P.A. -0.59% 7.456 Delayed Quote.-0.53%
MÁSMÓVIL IBERCOM, S.A. 0.00% 22.5 End-of-day quote.10.62%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 0.54% 464.9 End-of-day quote.6.45%
STOXX EUROPE 600 -1.21% 406.97 Delayed Quote.3.25%
STOXX EUROPE 600 NR -1.20% 897.39 Delayed Quote.3.28%
TED BAKER PLC -2.29% 111.4858 Delayed Quote.-1.55%
WTI -3.05% 52.119 Delayed Quote.9.44%
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Chart EURO STOXX 50
Duration : Period :
Euro Stoxx 50 Technical Analysis Chart | EU0009658145 | MarketScreener
Technical analysis trends EURO STOXX 50
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Top / Flop EURO STOXX 50
AHOLD DELHAIZE N.V. 24.83 Real-time Quote.1.39%
DANONE S.A 53.48 Real-time Quote.1.06%
UNILEVER N.V. 49.015 End-of-day quote.0.57%
KONINKLIJKE PHILIPS N.V. 44.93 Real-time Quote.0.55%
KONE OYJ 65.27 Real-time Estimate Quote.0.54%
DEUTSCHE POST AG 42.465 Real-time Estimate Quote.-2.60%
BANCO SANTANDER, S.A. 2.725 Real-time Estimate Quote.-2.71%
LVMH MOËT HENNESSY - LOUIS VUITTON SE 493.85 Real-time Quote.-2.79%
DAIMLER AG 56.025 Real-time Estimate Quote.-3.09%
ADIDAS AG 279.95 Real-time Estimate Quote.-3.40%
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