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European stocks rack up hefty gains as cyclicals rally


Saturday, 6 June 2020 00:10 WIB

Saham Eropa


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European stocks racked up their best week in two months on Friday, with investors scooping up battered shares of banks, automakers and travel companies amid growing signs that the pandemic-hit global economy is recovering.

The pan-European STOXX 600 ended the day 2.5% higher, getting an afternoon boost from data that showed U.S. economy unexpectedly added jobs in May after suffering record losses the prior month.

Euro zone blue chip stocks jumped 3.8% and the bloc’s lenders rallied 7.6% for their best weekly gain since 2008’s global financial crisis.

Growth-sensitive cyclical sectors that have suffered badly during the coronavirus crisis, such as oil & gas, automakers  and travel & leisure, were up between 4.9% and 5.8%.

Source: Reuters


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