European stocks jump to 3-week high on China's strong auto sales

2020-08-11 12:24:07 GMT (Economies.com)
European stocks jump to 3-week high on China's strong auto sales

European stocks surged on Tuesday, to hit a 3-week high, and extend gains for the third straight session, led by the automotive sector thanks to strong Chinese sale, and hopes about the US new relief bill.

 

The Stoxx Europe 600 index rose more than 2.1% as of 11:20 GMT, and hit the highest since July 23 at 372.54 points, after it closed higher by 0.3% yesterday following strong data in China.

 

The pan European index opened higher today, to extend its gains for third straight session, and hit a 3-week high, with most of the major European markets and sectors seeing green today.

 

The automotive sector saw the largest gains in Europe today, rising over 3.5%, after China reveled strong car sales during July. 

 

The data showed that sales in the world's largest car market jumped 16.4% in July from a year earlier, for the fourth straight month, which shows that the Chinese market is continuing its recovery from the coronavirus impact.

 

Otherwise, US Congress leaders and Trump administration officials said on Monday they were open to resuming the coronavirus aid talks.

 

S&P 500 futures rose 0.75%, and hit a 6-month high, after the index closed higher by 0.3% yesterday, and posted its fourth straight daily gain.

 

Back to Europe, the Euro Stoxx 50 index added 2.7%, France's CAC 40 rose 2.8%, Germany's DAX added 2.7%, and the UK's FTSE 100 rose 2.5%. 

 
 
 
  Symbol Last Change Chg.%
1.1722
0.0051
0.4353%
1.2924
0.0056
0.4379%
Tadawul
8299.08
16.57
0.20%
23.235
-0.121
0.518%
39.861
-0.429
1.065%
40.95
-0.08
0.19%
1885.565
12.870
0.687%
 
 
US
 
Europe
 
Asia