July 13, 2020 / 7:42 AM / 21 days ago

European stocks gain, spurred on by cyclical rally

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July 13 (Reuters) - European shares rose on Monday, with cyclical sectors leading gains as investors hoped the upcoming earnings season will feed into signs of an economic recovery from the coronavirus-induced downturn.

The pan-European STOXX index rose 0.8% by 0720 GMT, with banks, automakers and oil & gas rising between 1.2% and 2.0%.

Miners gained 2.0% on optimism over China's recovery and surging metal prices.

Global investor sentiment also brightened at the start of a week that kicks off the U.S. and European quarterly earnings season and includes a summit over the European Union recovery fund and a European Central Bank policy meeting.

Finnish valves maker Neles jumped 35.8% to the top of STOXX 600 after Swedish industrial group Alfa Laval announced a recommended 1.73 billion euro ($1.96 billion) cash bid.

Nordic bank DNB rose 9.0% and Nordic Semiconductor gained 7.7% following better-than-expected earnings reports. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)

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