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* Euro zone May retail sales rise
* Just Eat Takeaway tops STOXX 600 on Grubhub-Amazon
* Faurecia falls after Barclays downgrade
July 6 (Reuters) - European shares rallied on Wednesday
after Norwegian oil and gas workers ended their strike, easing
energy supply worries, while Just Eat Takeaway.com jumped 15.5%
after Amazon agreed to buy a stake in its Grubhub business.
The continent-wide STOXX 600 was up 1.7%, after
ending 2.1% lower in the previous session when the strike in
Norway threatened to cut energy supplies and severely dented the
euro which continued its slide on Wednesday.
Gains were broad-based with consumer staples, and tech
stocks among the biggest gainers. The energy sector
declined as oil prices dropped to 12-week lows on recession
Stock markets have slipped this year on a constant flow of
negative news ranging from talks of gas rationing in Europe,
COVID-19 curbs in China and a political crisis in Britain.
The STOXX 600 has shed 16.5% so far this year as investors
adjusted their expectations of corporate profits and economic
growth in the wake of aggressive central bank moves to tame
"The drop in the euro and weakness in yields shows that
investors remain very nervous about the economic prospects of
the global economy," said Chris Beauchamp, chief market analyst
at online trading platform IG.
"The opportunistic bargain hunting in stocks may not have
much staying power."
Data on Wednesday showed total retail sales in the euro zone
slightly rose in May on the month, but below market
expectations, with consumers cutting expenditure on food, drinks
Just Eat Takeaway.com was among the biggest
gainers on the STOXX 600 after Amazon agreed to take a
2% stake in U.S. meal delivery business Grubhub and said it
would offer its Prime members access to the service for one
The deal will give Just Eat a kind of stability amid
economic uncertainty ahead, said David Madden, market analyst at
Utility Uniper slid another 2.9% as Finnish parent
Fortum said it was in talks with Germany to ease the
company's financial problems.
Separately, the S&P also placed Uniper and Fortum ratings on
Abrdn gained 5.1% after the British asset manager
announced a 300 million pound share buyback programme.
Trainline climbed 20.6% after the UK rail operator
forecast robust FY23 revenue growth as demand for travel
Faurecia fell 6% after Barclays double-downgraded
its rating on the French car parts maker's stock to
(Reporting by Devik Jain, Bansari Mayur Kamdar and Susan Mathew
in Bengaluru; Editing by Sherry Jacob-Phillips and Arun Koyyur)