European stocks were to snap a four-session winning streak on Friday, with bullish economic data overshadowed by lingering concerns about rising virus cases in the US.
The Stoxx Europe 600 SXXP Index,
It fell 0.6% to 365.91, just after a gain of close to 2% on Thursday. For the week, the index is set for a 2.7% increase. Elsewhere, the German DAX DAX 30 index,
fell 0.4%, while the French CAC 40 PX1,
fell 0.8% and the FTSE 100 UKX index,
they fell 1.2% and 0.3%, respectively. IBEX 35 IBEX from Spain,
it stood out with a 1.1% drop.
June China’s Caixin Service Purchasing Managers’ Index rose to the highest level in more than a decade.
And the euro area market services PMI for June hit 48.3, jumping from May 30.5 and beating a forecast of 47.3. Dramatic gains were seen in Spain, where PMI services jumped to 50.2 from 27.9. The June Eurozone composite PMI was 48.5, from 31.9 in May.
US markets will be closed on Friday for the Independence Day holiday, keeping volumes frozen in Europe. US stock futures were just slightly higher, out of a 0.2% gain for Nasdaq-100 NQ00 futures,
after a record finish for tech stocks, albeit with more modest gains for the Dow DJIA
and S&P 500 SPX,
Thursday.
Read: Here’s why America’s struggles with the coronavirus could lead to Europe’s stock market taking the lead.
Despite news that the US economy recovered 4.8 million jobs in June, an alarming rise in coronavirus infections in 40 of the 50 US states, with most in Florida, continues investors worrying. Thursday was another blow with reports that the final stage trials of a Modern MRNA,
coronavirus candidates were 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 simply appears that the virus replicates better and may be more transmissible. But this is still in the stage of trying to confirm that, ”he said.
US stock futures were slightly higher, outside of a 0.2% gain for Nasdaq-100 futures, after moderate gains for those markets on Thursday.
Among the moving actions, the Delivery Hero DHER actions,
it jumped nearly 5% on a positive trading update. The delivery platform said order numbers for the group in the second quarter increased 94% from a year earlier. The final numbers will be released on July 28.
Shares of Land Securities Group LAND,
It increased 2.5% after the commercial property developer and investment company said rent collection and improvement in June improved, and that it plans to restart dividend payments starting in November.
Banks were on the losing side, with BNP Paribas BNP,
fell 1% and SAN Banco Santander,
SAINT
Shares fell 1.9%.
Energy names were also lower as CL.1 oil prices,
fell about 1%. BP BP shares,
BP,
and Royal Dutch Shell RDS.A,
RDSA
Shares fell 1.4% each.
.
