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Europe: Stocks gain on vaccine, stimulus hopes; earnings eyed

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[BENGALURU] European shares rose on Monday as progress on a possible Covid-19 vaccine, some upbeat earnings reports and stimulus talks fed into hopes of an economic recovery from the coronavirus-induced downturn. Read more at The Business Times.

This week also kicks off the US and European quarterly earnings season and includes a summit over the European Union recovery fund and a European Central Bank policy meeting.

Companies listed on the Stoxx 600 are expected to report a 54 per cent drop in second-quarter profit, the worst ever reading for Europe, according to Refinitiv data. While the ECB is not expected to make a major move, European leaders will meet on July 17-18 to hammer out details on the US$750 billion euro recovery fund.

In other company news, Finnish valves maker Neles surged 37.6 per cent and hit a record high after Swedish industrial group Alfa Laval announced a recommended 1.73 billion euro cash bid.

 

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