Oil, travel stocks boost European shares

  • Reuters
  • Stock Market News
Oil, travel stocks boost European shares
Credit: © Reuters.

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March 8 (Reuters) - European shares rose on Monday, catching up with a late Friday rally on Wall Street, while oil majors like Royal Dutch Shell (LON: RDSa ) and BP (LON: BP ) jumped as crude prices were boosted by reports of attacks on Saudi Arabian facilities.

The pan-European STOXX 600 index .STOXX gained 0.6% in early trading, after U.S. markets rebounded strongly late last week. .N

Asian markets and Wall Street futures were, however, weaker on Monday as the U.S. Senate passage of a $1.9 trillion stimulus bill put fresh pressure on Treasuries and a jump in Brent crude futures above $70 a barrel for the first time since the COVID-19 pandemic began stoked concerns about inflation. O/R

The oil & gas sector .SXEP jumped 1.0% in Europe, while travel & leisure .SXTP and banks .SX7P gained more than 1.3% each.

Cruise operator Carnival (NYSE: CCL ) CCL.L was the top gainer on STOXX 600, up 6.0%, while British education group Pearson PSON.L slid almost 5% after reporting a drop in 2020 revenue and adjusted operating profit.

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