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John Wang
May 5 20:00

European banks and oil sector are growing

BNP Paribas drives the sector up.
European stocks edged higher on May 5. The move was encouraged by the oil and banking sectors growth.
By 07:45 GMT Dax gained 1.8%, CAC 40 gained 2.5% and FTSE gained 1.7%. Investors awaited the ruling of German Constitutional Court considering ECB’s bond acquisitions. 
BNP Paribas jumped more than 4% following the statement that its revenue stayed stable in Q1 2020, even with the profits dropping by almost a third. The largest bank in the eurozone dedicated over half a billion euros for the loan provisions. The positive news sent the sector up. Credit Agricole jumped 5.4%, Societe Generale gained 3.3%.
Oil saw gains as well, reinforced by a reduction of US-China tensions and news about the beginning economic restart in India. US crude gained 10.7%, reaching US$22.57 per barrel. Brent gained 7.2%, reaching US$29.16.
helped by the lessening of tensions surrounding a trade war and amid further signs of reopening, this time in India, the world’s second most populous country.
At 3:45 AM ET, U.S. crude futures traded 10.7% higher at US$22.57 a barrel. The international benchmark Brent contract rose 7.2% to US$29.16