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July 3, 2020, 9:55 a.m. EDT

European stocks lifted by data, but U.S. holiday keeps a lid on action

China services PMI hits record; final services data for Europe ahead

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By Barbara Kollmeyer, MarketWatch


Getty Images
Restaurant tables stand empty during the coronavirus pandemic on June 19, 2020, in Berlin, Germany.

European stocks were set to break a four-session win streak on Friday, with upbeat economic data overshadowed by persistent worries about rising virus cases in the U.S. That is as a holiday Stateside was set to keep a lid on trading volumes.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.29%  dipped 0.6% to 365.91, on the heels of a near 2% gain on Thursday. For the week, the index is poised for a 2.7% gain. Elsewhere, the German DAX 30 index /zigman2/quotes/210597999/delayed DX:DAX +0.66%  fell 0.4%, while the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.09%  dropped 0.8% and the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.09%  fell 1.2% and 0.3%, respectively. Spain’s IBEX 35 /zigman2/quotes/210597995/delayed XX:IBEX -0.11% stood out with a 1.1% drop.

China’s June Caixin services purchasing managers index rose to the highest level in more than a decade.

And the euro-area Market Services PMI for June came in at 48.3, jumping from May’s 30.5 and beating a forecast of 47.3. Dramatic gains were seen in Spain, where the services PMI jumped to 50.2 from 27.9. The eurozone June Composite PMI was 48.5, from 31.9 in May.

U.S. markets will be closed on Friday for the Independence Day holiday, keeping volumes pinned down in Europe. U.S. stock futures were barely higher, outside of a 0.2% gain for Nasdaq-100 futures /zigman2/quotes/210219788/delayed NQ00 +0.08% , after a record finish for technology stocks, though with more modest gains for the Dow /zigman2/quotes/210598065/realtime DJIA +0.17%  and S&P 500 /zigman2/quotes/210599714/realtime SPX +0.06%  on Thursday.

Read: Here’s why U.S. struggles with the coronavirus could lead to Europe’s stock market taking the lead

Despite news that the U.S. economy added back 4.8 million jobs in June, an alarming rise in coronavirus infections across 40 of 50 U.S. states — with the bulk in Florida — continues to worry investors. Another blow was dealt on Thursday with reports that final-stage trials of a Moderna /zigman2/quotes/205619834/composite MRNA +0.46%  coronavirus candidate were being 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 just seems that the virus replicates better and may be more transmissible. But this is still at the stage of trying to confirm that,” he said.

U.S. stock futures were barely higher, outside of a 0.2% gain for Nasdaq-100 futures, after modest gains for those markets on Thursday.

Among stocks on the move, shares of Delivery Hero /zigman2/quotes/202519651/delayed DE:DHER +2.06%  jumped nearly 5% on a positive trading update . The delivery platform said order numbers for the group in the second quarter jumped 94% from a year ago. Final numbers will be released on July 28.

Shares of Land Securities Group /zigman2/quotes/207145631/delayed UK:LAND +0.03%  rose 2.5% after the commercial-property developer and investment company said rental collection and footfall improved in June, and that it plans to restart paying dividends from November.

Banks were on the losing side, with BNP Paribas /zigman2/quotes/206351084/delayed FR:BNP -0.99%  fell 1% and Banco Santander /zigman2/quotes/202859081/composite SAN -1.35%   /zigman2/quotes/205677933/delayed ES:SAN -1.62%  shares fell 1.9%.

Energy names were also lower as oil prices /zigman2/quotes/211629951/delayed CL.1 +0.92%  fell about 1%. Shares of BP /zigman2/quotes/207305210/composite BP -1.20% /zigman2/quotes/202286639/delayed UK:BP -2.71%  and Royal Dutch Shell /zigman2/quotes/205095589/composite RDS.A -1.31% /zigman2/quotes/206428183/delayed UK:RDSA -1.80%  stock fell 1.4% each.

/zigman2/quotes/210599654/delayed
XX : STOXX
363.55
+1.06 +0.29%
Volume: 0.00
Aug. 7, 2020 11:03p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
12,674.88
+83.20 +0.66%
Volume: 57,754
Aug. 7, 2020 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
4,889.52
+4.39 +0.09%
Volume: 62,365
Aug. 7, 2020 6:05p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,032.18
+5.24 +0.09%
Volume: 0.00
Aug. 7, 2020 4:59p
loading...
/zigman2/quotes/210597995/delayed
XX : Spain: Madrid
6,950.50
-7.40 -0.11%
Volume: 184.15M
Aug. 7, 2020 5:38p
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/zigman2/quotes/210219788/delayed
US : U.S.: CME
$ 11,131.50
+8.75 +0.08%
Volume: 525,962
Aug. 7, 2020 3:59p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,433.48
+46.50 +0.17%
Volume: 324.93M
Aug. 7, 2020 5:10p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,351.28
+2.12 +0.06%
Volume: 2.28B
Aug. 7, 2020 5:10p
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/zigman2/quotes/205619834/composite
US : U.S.: Nasdaq
$ 74.10
+0.34 +0.46%
Volume: 8.77M
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$28.81 billion
Rev. per Employee
$177,721
loading...
/zigman2/quotes/202519651/delayed
DE : Germany: Frankfurt
101.10
+2.04 +2.06%
Volume: 1,264
Aug. 7, 2020 8:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
N/A
loading...
/zigman2/quotes/207145631/delayed
UK : U.K.: London
580.00 p
+0.20 +0.03%
Volume: 3.12M
Aug. 7, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
4.00%
Market Cap
£4.24 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206351084/delayed
FR : France: Euronext Paris
35.48
-0.36 -0.99%
Volume: 2.60M
Aug. 7, 2020 5:35p
P/E Ratio
6.40
Dividend Yield
0.00%
Market Cap
€44.27 billion
Rev. per Employee
€456,254
loading...
/zigman2/quotes/202859081/composite
US : U.S.: NYSE
$ 2.19
-0.03 -1.35%
Volume: 8.75M
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
3.77%
Market Cap
$35.93 billion
Rev. per Employee
$442,125
loading...
/zigman2/quotes/205677933/delayed
ES : Spain: Madrid
1.83
-0.03 -1.62%
Volume: 51.63M
Aug. 7, 2020 5:38p
P/E Ratio
N/A
Dividend Yield
4.41%
Market Cap
€30.48 billion
Rev. per Employee
€374,762
loading...
/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 41.60
+0.38 +0.92%
Volume: 365,478
Aug. 7, 2020 4:59p
loading...
/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 22.98
-0.28 -1.20%
Volume: 10.63M
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
9.44%
Market Cap
$75.36 billion
Rev. per Employee
$4.03M
loading...
/zigman2/quotes/202286639/delayed
UK : U.K.: London
287.25 p
-8.00 -2.71%
Volume: 28.19M
Aug. 7, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
11.20%
Market Cap
£57.74 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205095589/composite
US : U.S.: NYSE
$ 30.84
-0.41 -1.31%
Volume: 3.95M
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
6.95%
Market Cap
$115.46 billion
Rev. per Employee
$4.75M
loading...
/zigman2/quotes/206428183/delayed
UK : U.K.: London
1,154.60 p
-21.20 -1.80%
Volume: 4.23M
Aug. 7, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
4.25%
Market Cap
£88.47 billion
Rev. per Employee
N/A
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Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @bkollmeyer.

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