Global Market News

European Stocks Higher in Early Afternoon Trade as Retail, Oil Shares Climb


Last updated: 11/20/2020 06:50:22

06:50 AM EST, 11/20/2020 (MT Newswires) -- European bourses forged higher in early afternoon trade following a strong retail sales report from the UK, and on gains for commodity-related issues, including oil, but COVID-19 pandemic concerns still capped upsides, said analysts.

The DAX in Frankfurt was up 0.5%, the CAC 40 in Paris was up 0.6%, and the UK's FTSE 100 added on 0.5%. The broad gauge Stoxx Europe 600 rose by 0.5%, while the Stoxx Europe 600 Technology Index edged up 0.1%

UK retail sales rose by 1.2% in October from September, the sixth consecutive month of expansion, reported the Office for National Statistics. October retail sales increased by 5.8% year-over-year. Online sales climbed 52.8% year-over-year.

The Stoxx Europe 600 Retail Index picked up 4%, and the Stoxx Europe 600 Oil & Gas Index tacked on 3.3%.

Brent crude futures rose 0.9% to $44.81 per barrel.

Meanwhile, German 10-year sovereign bonds offered a negative 0.58% yield, slightly more negative than Thursday.

The Euro Stoxx 50 volatility index fell 3.7% to 21.15, still indicating moderately above-average volatility for European stock markets in the next 30 days, but the lowest reading on the index post-pandemic. The 20-mark on the index indicates average volatility ahead, while below 20 points to expectations for calmer markets.
Copyright © 2020 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

Quotes displayed with 15 minutes delay. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. News provided by MT Newswires, a Division of MidnightTrader, Inc. Events Data provided by Wall Street Horizon. ©2020 Wall Street Horizon, Inc.