European shares rise after SAP’s reassuring outlook

(Reuters) – European stocks rose on Thursday as software giant SAP signalled a rebound in its business from a coronavirus hit, while optimism over China’s recovery helped Germany outperform.

The broader European equities index <.stoxx> rose 0.3% in early deals.

SAP jumped 6.5% after the German group confirmed its full-year outlook and said business activity gradually improved in the second quarter from the effects of a global lockdown.

Denmark’s Pandora gained 1.2% after it lifted its profit forecast for the second quarter, saying consumers had returned to shops faster than expected.

China-exposed miners <.sxpp>, luxury stocks and automakers <.sxap> all rose, drawing comfort as a rally in Shanghai shares extended to the eighth day on hopes of a faster recovery for the world’s second largest economy. [.SS]

Frankfurt-listed shares <.gdaxi> outperformed its European peers with a 0.9% jump, as data showed German exports rebounded in May, spurred by the lifting of lockdown measures.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)