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Home / Business / European stocks rise as investors juggle technical optimism and economic darkness

European stocks rise as investors juggle technical optimism and economic darkness



European stocks climbed on the last trading day of the month, rising better than expected and after sharp returns for large US technology companies. For the time being, this encouragement has helped investors identify the symptoms of growing global economic problems as a result of the pandemic.

Index Stoxx Europe 600 SXXP,
+ 0.60%
increased by 0.5% to 361.06 after the worst overnight losses in four weeks, a decrease of 2.2%. The index focuses on a decline of 0.2% in July. German DAX DAX,
+ 0.68%
increased by 0.6%, the French CAC 40 PX1 index,
+ 0.39%
gained 0.6% and the FTSE 100 UKX index,
+ 0.20%
added 0.3%.

Fresh data from China has revealed encouraging production data. This is due to five worrying data from the US, which show persistently high redundancies and a record decline in gross domestic product of 32.9% in the second quarter. New outbreaks in southern states and elsewhere have forced businesses to close again in parts of the United States

“It seems more worrying for investors to realize that negative headlines given the possible second wave will make it much harder to achieve any kind of V-shaped recovery prospects, especially from American work. The market recovery seems to have come to a halt, “said Michael Hewson, chief market analyst at CMC Markets, in a note to clients.

Meanwhile, the rate pushed France’s gross domestic product to a record decline of 13.8% in the second quarter and Spain’s GDP fell by 18.5%.

Concerns about the second wave of the virus have risen in the UK after the government imposed new restrictions on blocking in the country’s northern zones by the end of Thursday. The sharp rise in coronavirus cases caused by people who do not follow the rules of social distance was to blame for the new restrictions, said Health Secretary Matt Hancock. Spain and Belgium are also fighting outbreaks.

European technology stocks rose on Friday after iPhone maker Apple AAPL,
+ 1.21%
and the Amazon.com AMZN e-commerce group,
+ 0.60%
released a profit on Thursday afternoon, which raised analysts’ expectations. In addition to making a profit of more than $ 11 billion, Apple also announced the division of shares into four. Social media giant Facebook FB,
+ 0.51%
and the Google GOOGL parent alphabet
+ 0.97%
published solid results if the jaws drop.

Futures Nasdaq-100 NQ00,
+ 0.99%
increased by 91.75 points or 0.9% to 10,886, while the Dow Jones YM00 industry average
+ 0.16%
a S&P 500 futures ES00,
+ 0.23%
each increased by about 0.2%.

Shares of semiconductor companies ASM International NV ASM,
+ 4.73%
a Dialog Semiconductor PLC DLG,
+ 3.59%
gained more than 3% and 2% each.

Nokia Corporation NOK,
+ 2.53%
NOKIA,
+ 11.83%
The shares led to a profit on the Stoxx Europe 600 as they rose 11% after Finnish telecommunications and technology climbed year-round guidance on stronger profitability and cash generation. Nokia said it had sales of € 300 million in the second quarter as a result of the pandemic.

Elsewhere, BNP Paribas SA BNP,
+ 2.92%
was the best profit, with shares rising 4% after the French bank said after the French bank said heavy client activity had increased the performance of its market operations, alleviating the pain of € 1.45 billion ($ 1.72 billion) in providing credit losses.

British American Tobacco PLC BATS,
+ 0.64%
showed an increase in profit in the first half despite the decline in volume. The cigarette division of Kentucky BioProcessing has requested and is awaiting approval from the U.S. Food and Drug Administration to launch a trial of Covid-19, said Kingsley Wheaton, chief marketing officer, in an interview with MarketWatch.

By contrast, the shares of International Consolidated Airlines Group IAG,
-7.56%
after the owner of British Airways and other airlines, it slipped by more than 5%, fell sharply to EUR 4.21 billion and announced plans to increase its share capital by EUR 2.75 billion to support the company’s balance sheet. The IAG also stated that it was discussing with Globalia a possible restructuring of the acquisition of Air Europa to take into account the effect of the pandemic.

Shares of Air France-KLM SA AF,
-1.23%
decreased by 2.2%. The airline has announced that it will reduce 1,500 additional jobs.


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