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April 14, 2020, 5:23 a.m. EDT

European stocks advance as new virus cases appear to have peaked

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By Steve Goldstein, MarketWatch


Associated Press
A construction worker operates a crane by remote control at a building site in Madrid, Spain, on April 13, 2020.

European stocks traded higher in early action on Tuesday, getting a lift on optimism the world economy is slowly reopening with coronavirus spreading at a decreasing rate.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.52% , which shot up over 7% last week, rose 0.6% in the first day of trade in Europe since Thursday.

Gainers included SAP /zigman2/quotes/203458330/delayed DE:SAP -0.52% , the German software giant, and automobile maker /zigman2/quotes/204309985/delayed DE:VOW3 -0.12% .

Most Asian markets also posted gains, and futures on the Dow Jones Industrial Average /zigman2/quotes/210407078/delayed YM00 -0.57%  rose 246 points.

The advance comes as the number of new coronavirus cases appears to have peaked in the U.S., the eurozone and the U.K.

The daily increase in fatalities on a percentage basis world-wide is the lowest since March 7, while the increase in new cases is the lowest since March 10, according to data compiled by Deutsche Bank.

Some countries are moving, slowly, to reopen their economies. Austria on Tuesday is reopening small shops, while hard-hit Spain has let some construction and manufacturing businesses reopen.

Traders also noted China’s exports and imports in March dropped at a slower rate than forecast. Chinese exports dropped 6.6% in March from a year earlier, after falling 17.2% over January and February, while Chinese imports fell 0.9% from a year earlier, compared with a 4.0% decline in the first two months of the year.

U.S. earnings season also will be focus with banking giants JPMorgan Chase /zigman2/quotes/205971034/composite JPM -0.84%  and Wells Fargo /zigman2/quotes/203790192/composite WFC -2.67%  due to report results.

Shares of AstraZeneca /zigman2/quotes/203048482/delayed UK:AZN +0.35%  shot up nearly 6% in London as the pharmaceutical said a phase III trial for its Tagrisso drug showed “overwhelming efficacy.”

Norwegian Air Shuttle /zigman2/quotes/204014691/delayed NO:NAS +0.57%  plunged by a third on a plan to convert $4.3 billion of debt into equity.

/zigman2/quotes/210599654/delayed
XX : STOXX
361.49
-1.90 -0.52%
Volume: 0.00
Sept. 29, 2020 5:50p
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/zigman2/quotes/203458330/delayed
DE : Germany: Frankfurt
133.96
-0.70 -0.52%
Volume: 1,386
Sept. 29, 2020 5:46p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€256,047
loading...
/zigman2/quotes/204309985/delayed
DE : Germany: Frankfurt
138.16
-0.16 -0.12%
Volume: 2,306
Sept. 29, 2020 6:29p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€354,929
loading...
/zigman2/quotes/210407078/delayed
US : U.S.: CBOT
$ 27,324.00
-158.00 -0.57%
Volume: 136,083
Sept. 29, 2020 12:33p
loading...
/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 95.35
-0.81 -0.84%
Volume: 8.02M
Sept. 29, 2020 1:43p
P/E Ratio
12.86
Dividend Yield
3.77%
Market Cap
$293.06 billion
Rev. per Employee
$497,647
loading...
/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 23.19
-0.64 -2.67%
Volume: 24.80M
Sept. 29, 2020 1:43p
P/E Ratio
26.51
Dividend Yield
1.72%
Market Cap
$98.14 billion
Rev. per Employee
$392,114
loading...
/zigman2/quotes/203048482/delayed
UK : U.K.: London
8,539.00 p
+30.00 +0.35%
Volume: 1.49M
Sept. 29, 2020 4:35p
P/E Ratio
65.73
Dividend Yield
2.53%
Market Cap
£111.66 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204014691/delayed
NO : Norway: Oslo
kr 0.92
+0.0052 +0.57%
Volume: 15.80M
Sept. 29, 2020 4:25p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
kr3.33 billion
Rev. per Employee
kr4.95M
loading...

Steve Goldstein is MarketWatch markets editor for Europe. Follow him on Twitter: @MKTWgoldstein.

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