European stocks jump as carmakers, HelloFresh rally

European stocks jump as carmakers, HelloFresh rally


The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 6, 2020. REUTERS/Staff

(Reuters) – European stocks rose for a third straight session on Tuesday as automakers gained on strong China sales data, with hopes of a steady economic recovery from the coronavirus crisis boosting global sentiment.

The pan-European STOXX 600 index rose 1.2% by 0716 GMT, led again by a rally in growth-sensitive cyclical sectors like travel and leisure .SXTP, miners .SXPP and energy firms .SXEP.

Automakers .SXAP rose 2.8% after data showed China’s auto sales in July climbed 16.4% from a year earlier, the fourth consecutive month of gains as the world’s biggest vehicle market comes off lows hit during coronavirus lockdown.

German meal-kit delivery firm HelloFresh (HFGG.DE), whose shares have more than doubled in value this year, rose 5.6% after it raised its full-year guidance.

Investors globally took heart from signs that another round of U.S.-China sparring appears not to have spilled over into trade, with hopes of additional U.S. fiscal stimulus boosting the sentiment. [MKTS/GLOB]

UK’s FTSE 100 .FTSE climbed 1.3% even as data showed the number of people in work in Britain fell by 220,000 in the three months to June, the most since 2009.

Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur

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