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European Stocks Rise, Focus on Earnings Reports

Adel 13 July, 2020 12:53 pm Market Update

European stocks rose on Monday, with the cyclical sectors leading the gains as investors optimistic about the earnings season and the economic recovery from the effects of the Covid-19 pandemic.

The pan-Euro Stoxx index rose 0.8% as banking, automobile and oil stocks rose from 1.2%:2.0%, while mining stocks gained 2.0 on optimism over China’s recovery and metal prices.

Earnings season for the second quarter gets underway this week. In the U.S., major banks, including Citigroup, JPMorgan Chase and Wells Fargo are due to report by Friday, while in Europe, numbers from microchip equipment maker ASML, miner Rio Tinto and telecom equipment firm Ericsson are also expected.

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