European shares kick off new quarter with subdued gains
Wed Jul 01 2020
Lucy Harlow (3259 articles)

European shares kick off new quarter with subdued gains

European shares started the new quarter on a somber tone on Wednesday, as surging U.S. coronavirus cases kept optimism in check ahead of a slew of economic data.

The pan-European STOXX 600 index rose 0.2% by 0718 GMT, after closing out its best quarterly gains since March 2015 in the previous session.

The German DAX .GDAXI gained 0.7% as data showed retail sales rose sharply in May, reflecting a rebound in private consumption after the country lifted coronavirus-inflicted restrictions.

Drugs and pesticides maker Bayer (BAYGn.DE) jumped 3.4%, providing the biggest boost.

German unemployment and U.S. manufacturing activity and private jobs data are all due later in the session.

A cautious tone prevailed across the global markets, as the United States on Tuesday recorded its biggest single-day spike since the pandemic began, dimming hopes that the economic pain had passed.

Swiss specialty chemicals maker Clariant (CLN.S) gained 6.9% as it completed the $1.6 billion sale of its masterbatches unit to PolyOne Corp (POL.N), allowing the payment of a special dividend amounting to $3 per share.

Lucy Harlow

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe