Europe: Stocks close near 2-week high as PMI data brings cheer

📆 6/23/2020 8:00 PM
📰 BusinessTimes

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[BENGALURU] European shares closed at their highest in almost two weeks on Tuesday, powered by cyclical stocks, following signs that business activity in the continent was rebounding faster than expected from a coronavirus-driven slump. Read more at The Business Times.

"It would no longer surprise me if the data is a surprise on the upside," said Daniel McDonagh, head of European portfolio management team at Pyrford International, part of BMO Global Asset Management.

Investors also took relief as White House trade adviser Peter Navarro walked back from his earlier remarks that the Phase One trade deal with China was"over" and US President Donald Trump confirmed in a tweet the trade deal was fully intact. Trillions of dollars in stimulus from central banks and governments have helped the Stoxx 600 recover nearly 37 per cent from March lows, although the pace of recovery has slowed in June amid worries over a fresh rise in coronavirus cases.

German metals trader Kloeckner & Co jumped 17.5 per cent after it provided positive earnings outlook for the second quarter.

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