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The pan-European STOXX 600 index (STOXX) rose 0.4% in early trade, adding to mild gains from the prior week amid some optimism over COVID-19 treatments. A British market holiday seemed likely to keep trading volumes subdued for the day.
The European oil and gas sector (SXEP) rose more than 1%, leading gains across its peers as hopes of more global stimulus measures and a recovery in Chinese demand propped up crude prices. [O/R]
Activity in China’s services sector expanded at a much faster pace in August, official data showed, as demand across the economy continues to recover from a coronavirus-induced slump.
Among individual movers, Suez (PA:SEVI) topped the STOXX 600 after larger peer Veolia (PA:VIE) offered to buy a 29.9% stake in the French water and waste firm from gas and power utility Engie (PA:ENGIE) for 2.9 billion euros.
