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europe-markets:-european-stocks-turn-higher-as-improving-economic-data-offset-downbeat-bank-results
europe-markets:-european-stocks-turn-higher-as-improving-economic-data-offset-downbeat-bank-results

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Europe Markets: European stocks turn higher as improving economic data offset downbeat bank results

Europe Markets


Commuters wearing face masks travel on a tram past HSBC signage outside the bank’s local headquarters in Hong Kong on April 28, 2020.


anthony wallace/Agence France-Presse/Getty Images

European stocks turned higher on Monday after early losses, as improving data on the economy helped offset disappointing results from HSBC Holdings and Société Générale.

Up 1.1% in July, the Stoxx Europe 600
SXXP,
+0.39%

rose 0.5%.

The German DAX
DAX,
+1.11%

rose 1.2% and the French CAC 40
PX1,
+0.19%

added 0.4% as the U.K. FTSE 100
UKX,
-0.24%

slipped.

U.S. stock futures
ES00,
-0.02%

eased after a 5.5% gain for the S&P 500
SPX,
+0.76%

in July. Lawmakers reported progress on a new stimulus package over the weekend but gaps remained between Democrats and Republicans.

Economic data showed how far the recovery has progressed. The Caixin China manufacturing purchasing managers index rose to 52.8 in July, with the best readings for output and new orders since January 2011. Spain’s manufacturing PMI rose to 53.5, its best showing since April 2018, as the final manufacturing PMI reading for the eurozone came in stronger than the flash report.

The U.S. economics calendar includes the Institute for Supply Management’s manufacturing index and a number of nonvoting Federal Reserve officials speaking.

Of companies in the spotlight, HSBC Holdings
HSBA,
-6.15%

HSBC,
-0.48%

dropped after reporting a 77% drop in first-half net profit.

Société Générale
GLE,
-2.92%

declined after reporting a € 1.26 billion loss for the second quarter.

Siemens Heathineers
SHL,
-5.02%

slipped 5% after reaching a deal to buy radiation therapy software company Varian Medical Systemsms
VAR,
+3.18%

for $16.4 billion. Siemens
SIE,
+1.21%

said its stake in Siemens Heathineers will fall to 72% from 85% as part of the fundraising for the deal.

Morphosys
MOR,
+6.06%

MOR,
-2.16%

jumped after the biotech company got accelerated approval from the U.S. Food and Drug Administration for a lymphoma drug.

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