Banks shine as European stock market rally resumes

MG News | June 05, 2020 at 12:52 PM GMT+05:00

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June 5, 2020: European shares resumed their rally on Friday as a bumper stimulus from the European Central Bank fuelled hopes of a faster economic recovery, putting the main benchmarks on course for their best week in two months.

The pan-European STOXX 600 gained 1.2% by 0722 GMT, led by a 3% jump in bank stocks. Insurers, automakers and travel stocks also rose more than 2%.

Global equity markets have climbed strongly this week, with Wall Street indexes nearing record levels as investors focussed on re-opening of economies.

The STOXX 600 is about 15% below all-time highs but has recovered more than 37% from March lows as fresh stimulus plans for Europe spurred a move into economically sensitive cyclical sectors.

British Airways owner-IAG and EasyJet jumped nearly 9%, topping gains on the STOXX 600.

Reuters

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KSE30	50,951.99 89.47M	-0.52% -264.77
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Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	64,410.00	64,550.00 63,875.00	195.00 0.30%
BRENT CRUDE	98.70	101.19 95.13	-1.99 -1.98%
RICHARDS BAY COAL MONTHLY	105.75	0.00 0.00	-1.55 -1.44%
ROTTERDAM COAL MONTHLY	121.10	121.10 121.10	0.70 0.58%
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