Connect with us
Financial Press
europe-markets:-european-stocks-lifted-by-data,-but-us.-holiday-keeps-a-lid-on-action
europe-markets:-european-stocks-lifted-by-data,-but-us.-holiday-keeps-a-lid-on-action

Breaking

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

Europe Markets

China services PMI hits record; final services data for Europe ahead

Restaurant tables stand empty during the coronavirus pandemic on June 19, 2020, in Berlin, Germany.


Getty Images

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,
-0.95%

dipped 0.6% to 365.91, 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,
-0.83%

fell 0.4%, while the French CAC 40
PX1,
-1.10%

dropped 0.8% and the FTSE 100 index
UKX,
-1.51%

fell 1.2% and 0.3%, respectively. Spain’s IBEX 35
IBEX,
-1.40%

stood out with a 1.1% 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,
-0.19%
,
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.

Read: Here’s why U.S. struggles with the coronavirus could lead to Europe’s stock market taking the lead

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 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,
+2.82%

jumped nearly 5% on a positive trading update. The delivery platform said order 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,
+0.97%

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,
-1.16%

fell 1% and Banco Santander
SAN,
+4.60%

SAN,
-2.64%

shares fell 1.9%.

Energy names were also lower as oil prices
CL.1,
-0.98%

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

BP,
-1.99%

and Royal Dutch Shell
RDS.A,
+0.39%

RDSA,
-1.57%

stock fell 1.4% each.

Written By

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Breaking

Published: Sept. 21, 2020 at 5:58 p.m. ET Under the U.S. Constitution, the House doesn’t get a lot of say in the Senate’s schedule...

Breaking

Two small studies conducted in the early stages of the pandemic found a direct link between traveling on a long flight where masks weren’t...

Breaking

Published: Sept. 21, 2020 at 5:44 p.m. ET Musk: Battery Day product won’t reach ‘serious high volume’ until 2022 A Tesla dealership in Florida...

Breaking

Market Snapshot Published: Sept. 21, 2020 at 5:39 p.m. ET S&P 500 manages to close out a volatile Monday above 3,222.76, which would have...