European shares rise after SAP's reassuring outlook

European shares rise after SAP's reassuring outlook

European stocks rose on Thursday as software giant SAP signalled a rebound in its business from a coronavirus hit, while optimism over China's recovery helped Germany outperform.

The German share price index DAX graph is pictured at the stock exchange in Frankfurt
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, July 6, 2020. REUTERS/Staff

REUTERS: European stocks rose on Thursday as software giant SAP signalled a rebound in its business from a coronavirus hit, while optimism over China's recovery helped Germany outperform.

The broader European equities index rose 0.3per cent in early deals.

SAP jumped 6.5per cent after the German group confirmed its full-year outlook and said business activity gradually improved in the second quarter from the effects of a global lockdown.

Denmark's Pandora gained 1.2per cent after it lifted its profit forecast for the second quarter, saying consumers had returned to shops faster than expected.

China-exposed miners , luxury stocks and automakers all rose, drawing comfort as a rally in Shanghai shares extended to the eighth day on hopes of a faster recovery for the world's second largest economy.

Frankfurt-listed shares outperformed its European peers with a 0.9per cent jump, as data showed German exports rebounded in May, spurred by the lifting of lockdown measures.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)

Source: Reuters

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