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July 6 (Reuters) - European shares jumped in early trading
on Monday, with a rally in China's markets setting an upbeat
tone as investors banked on the world's second biggest economy
to lead a recovery from the coronavirus crisis.
The pan-European STOXX 600 rose 1.7% by 0714 GMT,
with stocks exposed to China, like carmakers,
industrials, energy firms and luxury goods
makers rising strongly, while banks also rallied.
The German DAX, London's FTSE 100 and
France's CAC 40 all rose about 2%.
China's blue-chip index jumped over 5%, as
investors stocked up on cheap funding to invest in an economy
that analysts predict will recover faster and better than other
major countries battling new waves of infections.
UK homebuilders Persimmon, Taylor Wimpey and
Barratt Developments gained about 5% after reports that
British Finance Minister Rishi Sunak planned to raise a property
tax threshold, among other steps to reduce the economic toll of
the health crisis.
Sonova, the world's biggest hearing aid maker, rose
5.4% after saying it would close some stores and cut jobs as it
expects first-half results to only partially recover from the
pandemic.
(Reporting by Sruthi Shankar in Bengaluru; editing by Patrick
Graham)