European stocks resume gains as oil prices rally

European stocks rose on Friday, resuming gains after pausing yesterday, thanks to oil prices rally, to head for weekly gains on hopes about the European economy to achieve a quick recovery from the downturn caused by the coronavirus impact.

The Stoxx Europe 600 index rose 1.1% as of 10:50 GMT, after closing lower by 0.7% yesterday, posting the first daily loss in 3, after a surge of coronavirus cases in China and several US states.

The pan European index opened higher today, to resume gains after pausing yesterday, with most European markets and sectors seeing green today.

The energy sector saw the largest gains in Europe today, rising by 1.5%, as oil prices rose after the OPEC-Plus coalition stressed moving forward in the output cut agreement.

The Stoxx Europe index has gained 4.75% so far during this week, to head for the fourth weekly gain in the five, on hopes about the European economy to achieve a quick recovery from the downturn caused by the coronavirus impact.

Investors are anticipating the EU economic summit later today, via satellite video conferencing, to discuss the European Commissioner's proposal to launch a €750 billion economic recovery fund, to ease the impact of the coronavirus pandemic, which is the worst economic crisis since the 1930s.

S&P 500 futures rose 1%, after the index closed higher by 0.1% yesterday at Wall Street, posting its fourth daily gain in 5.

Back to Europe, the Euro Stoxx 50 index rose 1.3%, France's CAC 40 climbed 1.4%, Germany's DAX rose 1.1%, and the UK's FTSE 100 rose 1.2%.