European shares look past dire data, energy stocks jump

Most of the major European sub-indexes were trading higher, even as data showed economic activity in the euro zone ground to a halt in April with several sectors idling plants and furloughing staff.

The STOXX 600 has bounced this month after hitting eight-year lows in March as trillions of dollars in global stimulus brought back bargain hunters. “What we see is that the market is already looking at 2021,” said Roland Kaloyan, head of European equity strategy at SocGen. Consumer goods giant Unilever tumbled as much as 5.5% to its lowest in three weeks after pulling its 2020 profit forecast, saying it could not “reliably assess the impact” of the pandemic on its business.

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