European shares rise after SAP's reassuring outlook
(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 0.3% in early deals.
SAP (SAPG.DE) jumped 6.5% 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 (PNDORA.CO) gained 1.2% after it lifted its profit forecast for the second quarter, saying consumers had returned to shops faster than expected.
China-exposed miners .SXPP, luxury stocks and automakers .SXAP 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. [.SS]
Frankfurt-listed shares .GDAXI outperformed its European peers with a 0.9% jump, as data showed German exports rebounded in May, spurred by the lifting of lockdown measures.
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