(For a live blog on European stocks, type LIVE/ in an Eikon news window)
* Banks hit three-week high as yields rise
* UK midcap stocks surge as Brexit hopes grow
* Logitech slides as Apple removes rival products
(Updates to market close)
By Sruthi Shankar
Oct 6 (Reuters) - European stocks stretched their gains for a fourth session on Tuesday, with banks surging more than 3% over growing hopes for a U.S. stimulus package, a Brexit trade deal as well as upbeat German data.
After shedding as much as 0.5% at one point, the pan-European STOXX 600 index .STOXX gradually erased the losses to close 0.1% higher.
Europe's banking index .SX7P hit its highest level in almost three weeks, as rising U.S. Treasury yields - a benchmark for global borrowing costs - hit multi-month highs, supporting lenders on both sides of the Atlantic. US/
Global markets saw a relief rally on Monday on reassurances about U.S. President Donald Trump's improving health after he tested positive for COVID-19 last week, as well as political progress towards more fiscal stimulus measures. markets have been dominated by indecision this week, with the U.S. indices following their European counterparts in what looks like a distinct end to the 'Trump left hospital' bounce," wrote IG's Joshua Mahony.
Wall Street technology majors also came under pressure after news that the U.S. House of Representatives' antitrust report on Big Tech firms contained a "thinly veiled call to break up" the companies. DAX .GDAXI jumped 0.6% as data showed orders for German-made goods rose 4.5% in August, more than expected, boosting hopes for a robust third quarter in Europe's largest economy after the coronavirus shock. midcap index .FTMC , composed of stocks exposed to the UK economy, jumped 1.2% after sources told Reuters that Britain and the EU were close to agreement on reciprocal social security rights for their citizens after Brexit. PUMG.DE slid 1.1% after French luxury group Kering PRTP.PA said it had completed the sale of a 5.9% stake in the German sportswear group. technology accessories maker Logitech LOGN.S fell 5.1% after Apple AAPL.O stopped selling headphones and wireless speakers from rivals. waste and water firm Suez SEVI.PA jumped 4.6% after rival Veolia VIE.PA succeeded in buying a large stake in the company from power group Engie ENGIE.PA .
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.