European banks and oil sector are growing
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