European stocks rack up hefty gains as cyclicals rally
Saturday, 6 June 2020 00:10 WIB | MARKET UPDATE |Saham Eropa

European stocks racked up their best week in two months on Friday, with investors scooping up battered shares of banks, automakers and travel companies amid growing signs that the pandemic-hit global economy is recovering.

The pan-European STOXX 600 ended the day 2.5% higher, getting an afternoon boost from data that showed U.S. economy unexpectedly added jobs in May after suffering record losses the prior month.

Euro zone blue chip stocks jumped 3.8% and the bloc™s lenders rallied 7.6% for their best weekly gain since 2008™s global financial crisis.

Growth-sensitive cyclical sectors that have suffered badly during the coronavirus crisis, such as oil & gas, automakers  and travel & leisure, were up between 4.9% and 5.8%.

Source: Reuters

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