European Shares Open Higher After losses in 4 Sessions in a Row

European shares opened higher on Wednesday, September 2, after suffering losses for four consecutive sessions, while the media and entertainment sector recovered from the large losses recorded in the previous session.

The European Stoxx600 index rose 1.1% in early trade, after losing more than 2% over the past four sessions. Moderate economic data and the absence of clear progress in combating the coronavirus pandemic have kept the index in a narrow range since June.

Media stocks rose about 1.6% after closing at the lowest level in more than three weeks in the previous session.

Data showed that German retail sales fell unexpectedly in July, indicating that household spending in Europe’s largest economy is still suffering from the Covid-19 crisis. But German stocks rose more than 1%.