European stocks traded higher earlier on Friday after strong factory data from China fuelled a rebound in Asian markets. However, investor optimism remained limited as the U.S. reported a record surge in new COVID-19 cases.
The STOXX 600 gained 0.2%, remaining steady near its strongest level in three weeks. However, gains were limited by a U.S. holiday.
Technology stocks led the rally, gaining up to 0.8%. Meanwhile, banks and insurers saw the biggest declines.
The pan-European index was on the way to a substantial weekly gain after strong data raised hope for an economic recovery. However, with the U.S. seeing a record surge in COVID-19 cases on Thursday, many states have decided on delaying reopening plans.
Germany’s takeaway food service Delivery Hero gained 4.1%, seeing its new order size grow twofold during the second quarter.
U.K. retailer Next lost 3.0% after Goldman Sachs downgraded its stocks to “sell”. Meanwhile, AB Foods’ stocks fell by 1.3% after the U.S. bank downgraded it to "neutral".
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Asian stocks advanced on the prospect of ultra-easy monetary policy as the U.S. Federal Reserve kept interest rates near zero. Fed deemed it necessary to salvage the ailing economy, dragging the dollar down to a two-year low. The target range ...
On Wednesday, European stocks rose slightly after mixed earnings reports. However, the new wave of the coronavirus outbreak kept investors cautious while they also wait for the U.S. Federal Reserve’s announcement. The Stoxx Europe 600 ...