European shares open higher ahead of service-sector data

By anaafrica On Sep 3, 2020

The pan-European STOXX 600 index rose 0.8% in early trade, tracking a strong session in Asia after a survey showed activity in China’s service sector grew for a fourth straight month in August. But activity in Spain and Italy is expected to have contracted in August, as increased COVID-19 cases forced them to introduce new curbs. In corporate news, Germany’s…

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Sept 3 (Reuters) – European shares rose on Thursday amidsigns of a global economic recovery and hopes of more stimulusmeasures, with eyes on local service-sector data that is likelyto show sustained growth.

The pan-European STOXX 600 index rose 0.8% in earlytrade, tracking a strong session in Asia after a survey showedactivity in China’s service sector grew for a fourth straightmonth in August.

Data from the euro zone is expected to show service-sectorgrowth for a second straight month. But activity in Spain andItaly is expected to have contracted in August, as increasedCOVID-19 cases forced them to introduce new curbs.

In corporate news, Germany’s Siemens Healthineersfell 5% after it issued 2.73 billion euros ($3.22 billion) worthof new shares to help finance its planned takeover of U.S. peerVarian.

French drugmaker Sanofi and its British peer GSKrose as they started a clinical trial for aprotein-based COVID-19 vaccine candidate.(Reporting by Ambar Warrick in Bengaluru; editing byUttaresh.V)