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Europe: Oil stocks, banks drive gains; EU stimulus decision awaited

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[BENGALURU] A rally in energy and bank shares lifted European stock markets on Thursday, while investors counted on more stimulus to revive the bloc's economy as the coronavirus-induced lockdowns brought activity to a halt in April. Read more at The Business Times.

Credit Suisse's shares rose 2.3 per cent and most other regional banks rallied, taking the bank's index 3 per cent higher.

"What the market is failing to appreciate is the size of the macroeconomic shock," said TS Lombard's Cicione. A decision from a meeting of European Union leaders regarding jointly financing a recovery is expected later on Thursday. Washington, meanwhile, is preparing to approve another $500 billion to support small businesses and hospitals.

Consumer goods giant Unilever tumbled as much as 5.5 per cent 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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