EU stocks up as reopening optimism outweighs U.S. unrest
European stocks traded in positive territory Wednesday, but U.S. unrest is expected to weigh on investor sentiment.
The pan-European Stoxx 600 climbed 1.1% in early trade, with insurance stocks adding 3.7% to lead gains as all sectors and major bourses advanced.
Investors around the world are keeping an eye on continuing unrest in the U.S. in the wake of the death of George Floyd, an unarmed black man, by a Minneapolis police officer who knelt on his neck for nearly nine minutes.
British property developer Hammerson surged another 20% ahead of the reopening of its sites on June 15. Anglo-German travel operator Tui and Swiss travel retailer Dufry both climbed more than 10%.
Renault added 7.9% after Goldman Sachs upgraded the French automaker’s stock to “buy”, citing a shifted focus toward profitability and away from growth.
At the bottom of the European blue chip index, Swedish radiation therapy company Elekta fell 5.9% after the resignation of its president and CEO.