European stocks jump as carmakers, HelloFresh rally

(Reuters) – European stocks rose for a third straight session on Tuesday as automakers gained on strong China sales data, with hopes of a steady economic recovery from the coronavirus crisis boosting global sentiment.

The pan-European STOXX 600 index rose 1.2% by 0716 GMT, led again by a rally in growth-sensitive cyclical sectors like travel and leisure .SXTP, miners .SXPP and energy firms .SXEP.

Automakers .SXAP rose 2.8% after data showed China’s auto sales in July climbed 16.4% from a year earlier, the fourth consecutive month of gains as the world’s biggest vehicle market comes off lows hit during coronavirus lockdown.

German meal-kit delivery firm HelloFresh (HFGG.DE), whose shares have more than doubled in value this year, rose 5.6% after it raised its full-year guidance.

Investors globally took heart from signs that another round of U.S.-China sparring appears not to have spilled over into trade, with hopes of additional U.S. fiscal stimulus boosting the sentiment. [MKTS/GLOB]

UK’s FTSE 100 .FTSE climbed 1.3% even as data showed the number of people in work in Britain fell by 220,000 in the three months to June, the most since 2009.

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