European Stocks Supported by Gains in Retail And Oil Sectors

European stocks rose on Friday, as gains in the retail and oil sectors erased concerns about the political situation in the United States and an impasse over new stimulus measures to support the global economy, which has been ravaged by the pandemic.

The pan-European STOXX 600 index rose 0.2% and is heading towards a limited weekly gain after signs of progress in developing a vaccine for Covid-19 pushed the index to its highest level since February earlier this week.

Global sentiment remains weak after US Treasury Secretary Stephen Mnuchin said that important pandemic-related lending programs at the Federal Reserve (US Central Bank) will expire on Dec. 31, putting the outgoing Trump administration at odds with the central bank.

Britain’s FTSE 100 index received some support as retail sales rebounded in October and Britain’s health minister said there were encouraging signs that HIV cases had stopped rising.

The retail index rose 0.8%, leading the gains across sectors, followed by the oil and gas sector, as well as travel and leisure stocks.

Italy’s BPER Banca rose 3.1%after the bank’s largest shareholder threw its weight behind the idea of ​​a merger with rival Banco BBM.