European stocks rose on Monday as optimism about second-quarter earnings offset a disturbing rise in coronavirus cases, including in the key US state of Florida.
After rising 0.4% last week, the Stoxx Europe 600 SXXP,
It gained 0.6%.
The German DAX DAX,
French CAC 40 PX1,
and UK FTSE 100 UKX,
Also advanced.
Futures in the Dow Jones Industrial Average YM00,
It went up 125 points.
The second quarter earnings season begins this week. In the US, the main banks, including Citigroup C,
JPMorgan Chase JPM,
and Wells Fargo WFC,
earnings must be reported. ASML microchip equipment manufacturer ASML,
Rio Tinto RIO miner,
and the telecommunications equipment company Ericsson ERIC.B,
They are among the publicly listed companies in Europe due to second quarter results. Currently, it is estimated that US profits will decrease by 44% year-over-year, and that European profits will decrease by 64%.
G4S GFS security company,
On Monday, he said his first-half earnings will be “significantly” above market expectations and that information on those results will increase.
Markets are also anticipating the meeting of European leaders to discuss the proposal for the European Union recovery fund.
The news of the coronavirus over the weekend was not great, as Florida reported the largest number of cases in any state during the pandemic on Sunday and accounted for about a quarter of the total for the US President of the United States Donald Trump and UK Prime Minister Boris Johnson wore masks in public for the first time, with speculation that England could begin to require the use of masks in stores.
“Despite the pandemic getting worse, stocks in Asia have increased and the feel good factor has spread to this part of the world,” said David Madden, market analyst at CMC Markets UK
Ubisoft Entertainment UBI,
Shares fell 8% after the French video game maker announced a staff restructuring that includes the departure of its creative director. Ubisoft CEO Yves Guillemot said the company “has failed to meet its obligation to ensure a safe and inclusive work environment for its employees.”
Neles NELES
increased 36% after engineering giant Alfa Laval ALFA,
offered € 1.73 billion in cash, or € 11.50 per share, to the valve maker in an agreed deal.
.
