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European shares stride into second half, supported by oil, banks
July 3, 2017 / 7:21 AM / 3 months ago

European shares stride into second half, supported by oil, banks

MILAN, July 3 (Reuters) - European shares rose on Monday, starting the new month on a stronger footing with oil stocks and banks leading a broad-based bounce from lows hit last week on worries over tightening monetary conditions.

By 0715 GMT, the pan-European STOXX 600 and euro zone blue chips both rose 0.6 percent, while Britain’s FTSE 100 slightly underperformed with a gain of 0.4 percent.

The oil & gas index, the worst sectoral performer in Europe so far this year, led the gains to rise more than 1 percent as the first fall in U.S. drilling activity in month buoyed oil markets. Shares in oil majors BP and Total both rose 1.3 percent.

While no sector was trading in negative territory, banks, which benefit from expectations of higher rates, were the second biggest sectoral gainer, up 1.2 percent with Carige up 3.3 percent ahead of an expected board meeting to discuss capital plans.

Nets was the biggest STOXX gainer, up 12 percent, after the payment services provider confirmed reports it had been approached by potential buyers. (Reporting by Danilo Masoni, Editing by Helen Reid)

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