European Shares Extend Gains On Stimulus Hopes

European stocks rose on Tuesday to extend gains from the previous session as investors put coronavirus worries on the back burner for now and shifted their focus towards the presidential U.S. election.

Expectations remain high that Democratic Party candidate Joe Biden might push for a bigger U.S. stimulus if he unseats President Donald Trump.

The pan European Stoxx 600 rallied 1.5 percent to 353.25 after climbing 1.6 percent in the previous session. The German DAX and France’s CAC 40 index rose about 2 percent, while the U.K.’s FTSE 100 was up 1.7 percent.

Adecco shares jumped 4.7 percent. The Swiss recruitment company said it has seen a gradual recovery in business activity in the third quarter as lockdowns were eased.

French lender BNP Paribas soared 5 percent after its third-quarter profit topped forecasts.

Hugo Boss climbed 5.6 percent after the German fashion house said it was focused on driving a recovery of its business online and in China.

Engineering company Manz plunged 6.7 percent after cutting its full-year revenue outlook.

Pharmaceutical and life sciences company Bayer dropped 1 percent after its third-quarter earnings and sales missed estimates.

British office space provider IWG jumped 8 percent on news it is starting to see improvement in sales.

Miners Anglo American, Antofagasta and Glencore rose 2-3 percent amid signs of manufacturing revival.

Total SE jumped more than 3 percent, Royal Dutch Shell gained 2.4 percent and BP Plc rose 2.7 percent after oil prices jumped about 3 percent on Monday.

Associated British Foods fell over 1 percent after reporting a 40 percent fall in full-year earnings.

British American Tobacco gained 1.2 percent after it acquired the nicotine pouch business of U.S.-based Dryft Sciences.

DS Smith advanced 1.5 percent. The packaging group said it has “significant improvement” in demand in the past quarter but half-year profit will still be lower than last year.

Security company G4S surged 4.3 percent after confirming it has rejected a takeover proposal from Allied Universal Security Services LLC.

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