Industrials, Banks Lift Europe Shares as Reflation Trade Heats Up


Economically sensitive stocks lead early gains

Germanys DAX up ahead of inflation data

London midcaps rise as house prices jump

Frances Rexel jumps on raising 2021 sales forecast Adds comments; updates prices

June 29 Reuters A jump in industrial and financial stocks lifted European shares on Tuesday as investors bought into sectors set to benefit from a steady economic recovery, while Frances Rexel rose on lifting its 2021 sales forecast.

The French electrical parts supplier jumped 3.2 to the top of the STOXX 600 and said it expected sameday sales growth of between 12 and 15, compared with its previous forecast of between 5 and 7.

The panEuropean STOXX 600 was up 0.5, with industrials, banks and retail gaining between 0.4 and 1.1.

Optimism around a steady economic recovery has put the European benchmark on course for its fifth straight month of gains, but it has recently struggled to break above its alltime closing high hit on June 16 on concerns of the global spread of the Delta variant of the coronavirus.

Travelrelated European stocks steadied on Tuesday after their worst session in more than a month following reports of a potential ban on UK travellers in Germany, while Spain tightened travel rules for British tourists coming to the country.

Concerns are growing that the race between the vaccine and the virus is being lost, said Michael Hewson, chief market analyst at CMC Markets UK.

Focus on Tuesday will be on euro zone economic sentiment, which is…

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