(Bloomberg) — European equities climbed as plans to ease lockdowns in the continent and the U.K. boosted sectors that have been worst-hit by the measures.
The Stoxx Europe 600 Index was up 0.4% as of 8:16 a.m. in London, with economically sensitive sectors including miners, travel and energy leading gains. The FTSE 100 Index outperformed other major benchmarks, catching up with Monday’s European gains as U.K. markets resumed trading after a holiday and the country’s prime minister said lockdown rules are set to be scrapped in late June.
Since peaking at an all-time high in mid-April, the Stoxx 600 has been bound to a narrow range, with strong gains ahead of the earnings season setting a high bar for first-quarter beats. The result has been the least volatile European stock market since pre-pandemic times.
“We’re at really high levels, and we need more than just good wording from the companies to go further,” Guillermo Hernandez Sampere, head of trading at MPPM EK in Eppstein, Germany, said in an interview. “It feels like every report is raising guidance — at least that limits perceived downside.”
The old adage of “sell in May and go away” is something to set one’s mind to this year, he said.
Among notable movers, Mediaset SpA climbed 5.1% after Italy’s largest commercial broadcaster reached an agreement with France’s Vivendi SE to end a five-year dispute over a scrapped pay-TV deal.
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