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

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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.

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