Energy stocks prop up European shares after coronavirus-led rout
Reuters
Published Apr 02, 2020 03:27AM ET
(Reuters) - European shares bounced on Thursday, driven by a recovery in energy stocks on rising hopes of a truce in the Saudi-Russia oil price war, but worries about the coronavirus pandemic lingered ahead of another expected surge in U.S. jobless claims data.
The pan-European STOXX 600 index (STOXX) was up 0.6% at 0704 GMT, with Royal Dutch Shell (L:RDSa), Total SA (PA:TOTF) and BP (L:BP) jumping between 3.3% and 5.0%. The wider energy index (SXEP) surged 3.7%.
Investor sentiment has recently swung between headlines on the corporate damage from the health crisis and an unprecedented round of stimulus measures to cushion its economic impact, with the STOXX 600 down more than 25% from its record high despite a rebound last week.
With tough containment measures stalling business activity and sparking mass staff furloughs, initial U.S. jobless claims are expected to have climbed to a seasonally adjusted 3.5 million for the week ended March 28, with some estimates ranging as high as 5.25 million.
One of the world's biggest recruiters Hays (L:HAYS) slumped 13% to the bottom of the STOXX 600 after announcing an emergency 200 million pound ($248.36 million) issue of shares on Thursday.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.