Stock market

Oil, travel stocks boost European shares

Stock Markets (Mar 08, 2021 03:30AM ET) Oil, travel stocks boost European shares

© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(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 (NYSE:BP) jumped as crude prices were boosted by reports of attacks on Saudi Arabian facilities.

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

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.

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

Cruise operator Carnival (NYSE:CUK) was the top gainer on STOXX 600, up 6.0%, while British education group Pearson slid almost 5% after reporting a drop in 2020 revenue and adjusted operating profit.Oil, travel stocks boost European shares

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