European stocks recover supported by strong gains from banks

European stocks rose on Monday, supported by positive earnings updates from Barclays and a jump in Airbus shares, but continuing concerns about the economic fallout from the spike in Covid-19 cases made markets post their biggest weekly decline in a month.
According to “Reuters” the European STOXX 600 index closed 0.6 percent higher, retracing a four-session losing streak. The British FTSE 100 index performed better than its peers on the main European stock exchanges, after a 7 percent jump in Barclays shares due to strong results.
This raised the European bank stocks index to put it on a path towards recording its best monthly performance in more than a year.
Airbus shares rose 5.6 percent after it told suppliers that it was ready for an increase in production if demand recovered from the Coronavirus crisis.
Data released on Friday showed that economic activity in the euro zone declined this month, while Germany’s manufacturing sector grew at a faster rate in October. However, German service sector activity has contracted, indicating that Europe’s largest economy is operating at two speeds.

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