European stocks lifted by data, but U.S. holiday keeps a lid on action


European stocks were set to break a four-session win streak on Friday, with upbeat economic data overshadowed by persistent worries about rising virus cases in the U.S. That is as a holiday Stateside was set to keep a lid on trading volumes.

The Stoxx Europe 600 index
SXXP,
-0.60%

dipped 0.1% to 367.89, on the heels of a near 2% gain on Thursday. For the week, the index is poised for a 2.7% gain. Elsewhere, the German DAX 30 index
DAX,
-0.48%

was flat, while the French CAC 40
PX1,
-0.93%

and the FTSE 100 indexes
UKX,
-1.09%

fell 0.4% and 0.3%, respectively. Spain’s IBEX 35
IBEX,
-1.19%

stood out with a 0.7% drop.

China’s June Caixin services purchasing managers index rose to the highest level in more than a decade.

And the euro-area Market Services PMI for June came in at 48.3, jumping from May’s 30.5 and beating a forecast of 47.3. Dramatic gains were seen in Spain, where the services PMI jumped to 50.2 from 27.9. The eurozone June Composite PMI was 48.5, from 31.9 in May.

U.S. markets will be closed on Friday for the Independence Day holiday, keeping volumes pinned down in Europe. U.S. stock futures were barely higher, outside of a 0.2% gain for Nasdaq-100 futures
NQ00,
+0.02%
,
after a record finish for technology stocks, though with more modest gains for the Dow
DJIA,
+0.35%

and S&P 500
SPX,
+0.45%

on Thursday.

Despite news that the U.S. economy added back 4.8 million jobs in June, an alarming rise in coronavirus infections across 40 of 50 U.S. states — with the bulk in Florida — continues to worry investors. Another blow was dealt on Thursday with reports that final-stage trials of a Moderna
MRNA,
-4.90%

coronavirus candidate were being delayed.

Also drawing attention, Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said in an interview on with JAMA Network on Thursday that the virus may be mutating to become more transmissible, with high viral loads.

“We don’t have a connection between whether an individual does worse with this or not. It just seems that the virus replicates better and may be more transmissible. But this is still at the stage of trying to confirm that,” he said.

U.S. stock futures were barely higher, outside of a 0.2% gain for Nasdaq-100 futures, after modest gains for those markets on Thursday.

Among stocks on the move, shares of Delivery Hero
DHER,
+4.07%

jumped nearly 5% on a positive trading update. The delivery platform said orders numbers for the group in the second quarter jumped 94% from a year ago. Final numbers will be released on July 28.

Shares of Land Securities Group
LAND,
+1.18%

rose 2.5% after the commercial-property developer and investment company said rental collection and footfall improved in June, and that it plans to restart paying dividends from November.

Banks were on the losing side, with BNP Paribas
BNP,
-1.81%

fell 1% and Banco Santander
SAN,
+4.60%

SAN,
-2.97%

shares fell 1.9%.

Energy names were also lower as oil prices
CL.1,
-1.87%

fell about 1%. Shares of BP
BP,
+0.86%

BP,
-2.50%

and Royal Dutch Shell
RDS.A,
+0.39%

RDSA,
-2.02%

stock fell 1.4% each.



Source link

Recent articles

Ohio Governor Says His Flawed Virus Test Shouldn’t Undercut New, Rapid Methods

Gov. Mike DeWine of Ohio, who last week tested positive for the coronavirus, then negative and then negative again, said on CNN on...

Egypt extends detention of Al Jazeera journalist Mahmoud Hussein | News

Egyptian authorities have extended the detention of Al Jazeera journalist Mahmoud Hussein by another 45 days. The extension on Sunday came more than 1,300...

Created with Blender 2.8: ‘Take on me’ cover: Arrangement for Flute orchestras

PiDi writes: 'Take on me' cover: Arrangement for Flute orchestras (Cover) Similar to the original video, it looks like a comic book. All image effects were...

Looks Like AT&T Cancelled Plans for WB Interactive Sale

Following months of reports about its sale, Warner Bros. Interactive Entertainment seems to be resting safely with AT&T for now, if comments by...

Leave a reply

Please enter your comment!
Please enter your name here