Oil And Travel Support European Stocks

European stocks rose today to coincide with the rise of the US market at the end of trading on Friday, as shares of major oil companies such as Royal Dutch Shell and BP jumped with the rise in crude prices after reports of attacks on facilities in Saudi Arabia.

The pan-European STOXX 600 index advanced 0.6% in early trade after US markets recovered strongly late last week.

But stocks fell in futures trading in the Asian and American markets today, as Treasury bonds came under pressure again after the US Senate approved a stimulus package worth $1.9 trillion and Brent crude contracts rose above $70 a barrel for the first time since the start of the Covid-19 pandemic.

The European oil and gas sector jumped 1%, and the travel, entertainment and banking sectors rose more than 1.3%.

The biggest gainer on Stokes was 600 shares of cruise operator Carnival, up 0.6%, while British education group Pearson was down nearly 5% after announcing a drop in 2020 revenue and adjusted operating profit.