Skip to content
Globally, governments and central banks have unleashed unprecedented stimulus to support the economy, helping the STOXX 600 recover nearly 25 per cent from its lows in March despite harsh business readings and rising trade tensions between the U.S. and China.
Energy majors Total SA (TOTF.PA), BP Plc (BP.L) and Royal Dutch Shell Plc (RDSa. L) increased by almost 6 percent, the leading market gains as oil prices increased by more than $1 a barrel, supported by output cuts and signs of gradual recovery in demand. [O / R]: [O / R]
France’s Total was also boosted by news that it called off plans to acquire Ghana’s Occidental Petroleum Corp (OXY.N) assets and agreed to buy Energías de Portugal’s (EDP.LS) assets.
The pan-European STOXX 600 also increased by 2%, with bursaries in Frankfurt, GDAXI, Paris, FCHI and London.
A.S. Chairman of the Federal Reserve Jerome Powell said this would be a long road to recovery over the weekend, but added that the central bank was “not out of ammunition,” pointing to the willingness to expand existing programmes or add new ones.
Also raising hopes of a gradual return to pre-Coronavirus activity levels, shops , restaurants and hair salons ready to reopen in Italy on Monday, while other outbreak centres like New York and Spain gradually lifted restrictions.
French automakers Renault SA (RENA.PA) and Peugeot SA (PEUP.PA) gained 3.2% and 2.8%, respectively, after Finance Minister Bruno Le Maire told a local radio channel that the government hoped to announce a plan to help the automotive sector in the country within 15 days.
The German conglomerate Thyssenkrupp AG (TKAG.DE) jumped 4.5 percent after a source told Reuters it was consolidating its loss-making steel business in talks with international peers.
Fiat Chrysler Automobiles NV (FCHA.MI) jumped 4.1 per cent after confirming that its Italian unit was working with Rome to obtain state guarantees on a loan facility worth 6.3 billion euros ($6.8 billion).
Swedish radiation therapy equipment manufacturer Elekta (EKTAb. ST) rose 11.2 percent to the top of STOXX 600 after winning an order worth around $200 million and set to exceed its target for bookings of its new Unity radiation system.
The Norwegian Air Shuttle ASA (NWC.OL) shares tumbled 15.7 per cent among decliners as the company said its new equity issue had been completed.