European shares joined a global rally on Wednesday as signs of a pickup in China's services sector activity offset concerns about Sino-U.S. trade tensions and widespread civil unrest in the United States.
A logo of Renault carmaker is pictured at a dealership amid the coronavirus disease outbreak in Sint-Pieters-Leeuw, Belgium May 29, 2020. REUTERS/Yves Herman
The pan-European STOXX 600 rose 1%, hovering near three-month highs, led by gains in insurers .SXIP, automakers .SXAP, banks .SX7P and oil & gas .SXEP sectors. Among individual stocks, Renault SA jumped 7.6% after it finalised a 5 billion euro loan from with the French government and Goldman Sachs upgraded its stock to “buy”.
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