English
European stocks recover slightly, supported by gains for oil and tobacco companies
A jump in shares of oil companies and tobacco companies helped the European stock market to close higher on Tuesday, and the main indices partially recovered from a sales wave sparked by fears of new measures of public isolation amid a jump in Corona virus infections across the continent.
The pan-European STOXX 600 index ended the trading session up 0.2 percent after suffering a loss of 3.2 percent in Monday's session. Among the main stock exchanges in Europe, the German DAX index rose 0.4
Percent, while the main index of Italian stocks rose 0.5 percent.
Britain's FTSE 100 index, weighed down by exporting stocks, rose 0.4 percent, taking advantage of the decline in the pound after Prime Minister Boris Johnson asked Britons to work from home where possible and ordered bars and restaurants to close early to cope with a rapidly spreading wave of HIV infections.
Shares of major oil companies listed on the London Stock Exchange jumped nearly 3 percent as crude prices rose on expectations that renewed restrictions would have a limited impact on fuel demand.
The market was also supported by data from the European Commission which showed that consumer confidence in the euro zone improved to -13.9 in September from -14.7 in August. The Ifo institute raised its expectations for Germany,
It is expected that the gross domestic product will shrink 5.2 percent this year, compared with its previous forecast of a 6.7 percent decline.
Travel and entertainment shares fell 1.1%, adding to a 5.2% decline in the previous session, as the spike in Covid-19 cases across Europe threatens to derail demand for travel again.
