European shares inched higher on Monday as a decline in China’s producer prices slowed and oil prices rose, while investors looked to Washington for signs of more US stimulus
The pan-European STOXX 600 index rose 0.3% by 0712 GMT, kicking off a week that could see the subdued trading activity as traders head out for the summer holidays.
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Sectors considered more sensitive to economic health such as banks, oil, and gas and automakers rose as data showed China’s factory deflation eased in July, driven by a rise in global oil prices and as industrial activity climbed back towards pre-coronavirus levels.
Shares in energy majors BP, Royal Dutch Shell, and Total rose nearly 2% as crude prices gained after Saudi Aramco raised optimism about Asian demand and Iraq pledged to deepen supply cuts.
French engineering company Spie jumped 5.7% after a double upgrade to “buy” from Jefferies, while Dutch tech investor Prosus slid for a third day running as the U.S. prepares ban on two popular Chinese apps, WeChat and TikTok.
Heavyweight sectors like technology and healthcare fell 1% and 0.4%, respectively, limiting gains in the broader market.
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