FILE PHOTO: A man walks towards the European Central Bank headquarters in Frankfurt, Germany, July 25, 2019. REUTERS/Ralph Orlowski/File Photo
The pan-European STOXX 600 gained 1.3%, led by a 3.3% jump in bank stocks .SX7P, while insurers .SXIP, automakers .SXAP and travel stocks .SXTP gained nearly 3%. Global equity markets have climbed strongly this week, with Wall Street indexes nearing record levels as investors focussed on re-opening of economies, progress in development of a COVID-19 vaccine and stimulus actions.
Europe’s STOXX 600 is about 15% below all-time highs, but has recovered more than 37% from its March lows, with investors moving into more economically sensitive cyclical sectors.The euro zone banks index .SX7E climbed 4.1%, led by Spanish banks, benefiting from gains on their sovereign bond holdings. Investors have warmed up to peripheral euro zone debt this week after Thursday’s bigger-than-expected expansion of ECB’s pandemic-linked stimulus package.
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