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European shares rise on upbeat global mood, cyclicals jump

Published 02/07/2020, 08:23
Updated 02/07/2020, 08:24
© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
July 2 (Reuters) - European shares climbed on Thursday, as
encouraging economic data from across the globe and hopes of a
COVID-19 vaccine lifted sentiment ahead of the crucial U.S. jobs
data.
The pan-European STOXX 600 .STOXX rose 0.9% by 0716 GMT,
in its fourth consecutive day of gains. Banks .SX7P ,
automakers .SXAP and travel & leisure .SXTP were the top
gainers, rising between 1.5% and 2%.
Financial markets entered the second half of the year on a
positive note this week, as business surveys showed a
coronavirus-induced slump in global manufacturing eased in June,
while a COVID-19 vaccine was found to be well-tolerated in early
stage human trials. The U.S. payrolls data, due at 1230 GMT, is likely to show
the economy created jobs at a record clip in June, although
surging virus cases threaten to derail the recovery.
Among individual movers, Associated British Foods ABF.L
jumped 7.1% as it said that trading in its Primark fashion
stores that reopened after lockdown has been "reassuring and
encouraging". German fashion house Hugo Boss BOSSn.DE rose 1.4% after it
appointed Tommy Hilfiger executive Oliver Timm as its chief
sales officer. Scandal-hit Wirecard WDIG.DE slumped 25% after police and
public prosecutors raided its headquarters in Munich and four
properties in Germany and Austria.

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