UPDATE 3-Oil stocks, banks drive gains in Europe; EU stimulus decision awaited [Reuters (UK)]
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Source: Reuters
Oil stocks, banks drive gains in Europe; EU stimulus decision awaited - Reuters 4 Min Read (Reuters) - A rally in energy and bank shares lifted European stock markets on Thursday, while investors counted on more stimulus to revive the bloc’s economy as the coronavirus-induced lockdowns brought activity to a halt in April. The pan-European STOXX 600 was up 0.9%, recovering for a second straight day as oil prices edged higher after collapsing at the start of the week. [O/R] The energy index .SXEP jumped 3%, with Total SA ( TOTF.PA ), BP Plc ( BP.L ) and Royal Dutch Shell Plc ( RDSa.L ) providing the biggest boost to the STOXX 600. Kicking off the first-quarter earnings season for the big European lenders, Credit Suisse Group AG’s ( CSGN.S ) net profit topped expectations, but the bank followed its American peers in bulking up for potential loan losses due to the pandemic. “Banks are better capitalized now than they were in 2007, but this level of bad loans, non-performing loans
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