European shares rise thanks to energy sector

US, WASHINGTON (ORDO NEWS) — European stocks recovered on Thursday thanks to a boost in the energy sector, while investors hoped for additional incentive measures to revive the bloc’s economy.

The pan-European STOXX 600 index rose 0.7% to 16.49 UTC.

The energy index rose 2%, while Total SA, BP Plc and Royal Dutch Shell Plc provided the most support for the STOXX 600.

Most major European sub-indices traded in positive territory, despite the fact that the data showed that economic activity in the eurozone actually stopped in April.

The composite index of purchasing managers (PMI) in the euro area, calculated by Markit and reflecting changes in economic activity, amounted to 13.5 points in April, according to preliminary data, falling from 29.7 points in March.

Activity in the manufacturing sector in Germany continued to decline in April faster than expected, according to preliminary data from the research company Markit.

According to GfK Research Institute, the German consumer confidence index in May was minus 23.4 points compared with plus 2.7 points a month earlier.

Credit Suisse Group AG on Thursday reported net profit growth of 75% for the first quarter, but warned that a coronavirus pandemic could affect the results of the coming quarters. Bank shares rose 2.5% at the beginning of the session, but then lost their advantage and fell 0.3%.

Shares in SKF, the world’s largest producer of bearings, were up 7% after the company reported better-than-expected quarterly results.

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