European stocks jump as carmakers, HelloFresh rally
- 11 Aug 2020
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 rose 1.2% by 0716 GMT, led again by a rally in growth-sensitive cyclical sectors like travel and leisure, miners and energy firms .
Automakers 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.
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German meal-kit delivery firm HelloFresh, 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.
UK's FTSE 100 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.
Reuters