Europe: Shares rise on upbeat China data; Renault jumps
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[BENGALURU] European shares joined a global rally on Wednesday as signs of a pickup in China's services activity offset concerns about Sino-US trade tensions and widespread civil unrest in the United States.
The pan-European Stoxx 600 rose 0.8 per cent by 7.14am GMT, holding near a three-month high.
Sectors exposed to the health of China's economy such as oil and gas and automakers rose more than 1 per cent after a survey showed China's services sector returned to growth in May for the first time since January, even though employment and overseas demand remained weak.
Final data on eurozone business activity for May is due at 8am GMT.
Among individual stocks, Renault jumped 7.7 per cent after it finalised a 5 billion euro (S$7.82 billion) loan from with the French government and Goldman Sachs upgraded its stock to "buy".
French insurer AXA rose 5 per cent after revealing plans to halve its dividend amid the coronavirus crisis, while adding that it could propose an additional fourth-quarter shareholder payment if conditions improved.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Near sell-out launches in March boost developer sales to 1,300 units after four slow months
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
