European stocks rose as investors averted tech optimism and economic woes

European stocks climbed on the last trading day of the month, picked up by better-than-expected results, and post-blow earnings for major US tech companies. That cheer helped set investors aside, which are now signs of growing global economic troubles due to the epidemic.

Stoxx Europe 600 Index SXXP,
+ 0.60%
After posting the worst one-day loss in four weeks, it rose 0.5% to 361.06, a 2.2% drop. The index is seeing a decline of 0.2% in July. Elsewhere, German DAX DAX,
+ 0.68%
Rose 0.6%, French CAC 40 index PX1,
+ 0.41%
Achieved 0.6% and the FTSE 100 Index UKX,
+ 0.20%
Added 0.3%.

The latest data from China boosted factory figures. That’s why on the heels of troubling US data, consistently high worker layoffs and a 32.9% drop in GDP in the second quarter. Fresh outbreaks in southern states and elsewhere have forced businesses to close again in parts of the US

“Perhaps more worrying for investors seems to be that negative headlines in relation to a possible second wave only make it more difficult to obtain any sort of possibility of a V-shaped recovery, especially after American Labor Se market rebound showed that, “said Michael Hewson, chief market analyst at CMC Markets, in a note to customers.

Meanwhile, the lockdown fallout pushed French GDP to a record 13.8% in the second quarter and Spanish GDP rolled to 18.5%.

On Thursday, after the government imposed fresh ban in the northern areas of the country late night, there was an increase in the possibility of a second wave of virus in Britain. Health Secretary Matt Hancock said coronovirus cases have increased due to people not following Social Security regulations. Spain and Belgium are also reeling from the outbreak.

Technology shares of Europe rose on Friday after iPhone maker Apple AAPL,
+ 1.21%
And e-commerce group AMZN,
+ 0.60%
Earnings after Thursday afternoon aroused analysts’ expectations. In addition to reporting more than $ 11 billion in profits, Apple also announced a four-to-one stock split. Social-media giant Facebook FB,
+ 0.51%
And Google Parent Alphabet GOOGL,
+ 0.97%
Solid, if less jaw dropping, results.

Nasdaq-100 Futures NQ00,
+ 1.00%
Climbed 91.75 points or 0.9% to 10,886, while the Dow Jones Industrial Average YM00,
+ 0.13%
And S&P 500 futures ES00,
+ 0.25%
Each rose around 0.2%.

Shares of Semiconductor Companies ASM International NV ASM
+ 5.17%
And Dialog Semiconductor PLC DLG,
+ 3.59%
Received 3% and over 2%.

Nokia Oyj NOK,
+ 2.53%
+ 12.08%
Stocks Europe led the shares at 600, with gains of 11% after Finnish Telecom and Tech boosting full-year guidance on strong profitability and cash generation. Nokia said that the epidemic led to sales of 300 million euros in the second quarter.

Elsewhere, BNP Paribas SA BNP,
+ 3.01%
The French bank’s heavy customer activity boosted its market operations performance, after reducing the pain of a € 1.45 billion ($ 1.72 billion) provision for credit losses, a top gainer with shares up 4% .

British American Tobacco Plc Bats,
+ 0.80%
Despite the drop in volume reported an increase in profit in the first half. The Kentucky bioprocessing division of cigarette-making company has applied and is awaiting US Food and Drug Administration approval to begin testing its Kovid-19 vaccine, Kingsley Wheaton, the company’s chief marketing officer, told Marketwatch in an interview.

On the downside, shares of the international consolidated airlines group IAG,
After owning British Airways and other airlines, it lost more than 5%, reported a loss of € 4.21 billion and announced plans to raise € 2.75 billion in a capital raise to boost the struggling company’s balance sheet. The IAG also said that it was discussing a possible restructuring of the Air Europa acquisition with Globalia to take into account the impact of the epidemic.

Air France-KLM SA AF shares,
Fell 2.2%. The airline announced that it would cut 1,500 additional jobs.


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