European stocks open higher led by telecoms

Economies.com
2020-09-09 11:54AM UTC

European stocks rose on Wednesday, to head for the second daily gain in 3 sessions, rebounding from a month low once again, thanks to large gains in the telecom sector, which offset the traveling sector's losses after negative news about the coronavirus.

 

The Stoxx Europe 600 index rose 0.6% as of 11:24 GMT, after it lost 1.2% yesterday, on the energy sector's losses after oil prices dropped, while the index gained 1.7% on Monday, within recovery attempts from a month low of 359.58 points.

 

The pan European index opened higher today, to head for the second daily gain in 3 days, with most of the major European markets and sectors seeing green today.

 

The telecommunications sector saw the largest gains in Europe today, rising over 2%, as the global telecom shares rallied. While the travel and leisure sector was in the opposite end of the spectrum, with a drop of 1.9% following negative news about the coronavirus.

 

S&P 500 futures rose over 0.7%, after the index closed lower by 2.8% yesterday, and posted its third straight daily loss, on profit-taking from the record high of 3,588.11 points.

 

Back to Europe, the Euro Stoxx 50 index added 0.7%, France's CAC 40 rose 0.4%, Germany's DAX added 0.8%, and the UK's FTSE 100 rose 0.6%.

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