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May 5, 2020, 9:02 a.m. EDT

European stocks on track to break three-session losing run

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By Steve Goldstein, MarketWatch


Getty Images
Total Refinery and fuel depot in Donges, France, on December 2, 2019.

European stocks advanced on Tuesday, putting markets on track to end a three-session losing run.

Up 17% from the lows of March, the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.29%  rose 1.8%.

The gains tracked a reversal on Wall Street on Monday, when early-session losses evaporated and investors bid technology stocks higher.

Stocks mostly shrugged off a German court decision that found the European Central Bank exceeded its powers with the Public Sector Purchase Programme and banned the Bundesbank from implementing it.

With new coronavirus growth in the 1-2% a day range in the U.S. and Europe, attention is turning to how to more significantly boost the economy without leading to a spike in infection growth. The U.K. is piloting a contact tracing app on the Isle of Wight.

California will begin easing lockdown measures on Friday.

Shares of France’s Total /zigman2/quotes/206172043/delayed FR:FP -0.76%  and Spain’s Repsol /zigman2/quotes/202941606/delayed ES:REP -1.82%  surged after both oil producers maintained their dividends. Last week, rival Royal Dutch Shell /zigman2/quotes/206428183/delayed UK:RDSA -1.80%  cut its dividend by two-thirds.

The rally in crude-oil futures that took Brent to the precipice of $30 per barrel also helped the energy producers.

Shares of German meal-kit maker HelloFresh /zigman2/quotes/209850698/delayed DE:HFG +2.04%  climbed 8%, after reporting a 66% jump in revenue for the first quarter and lifting its 2020 guidance for revenue to grow between 40% and 55% on a constant currency basis from previous estimates of around 22% and 27%.

Hugo Boss /zigman2/quotes/205761551/delayed DE:BOSS -4.39%  shares slipped 4% as the German clothing brand said second-quarter sales will fall at least 50%.

Futures on the Dow Jones Industrial Average /zigman2/quotes/210407078/delayed YM00 -0.32%  rose 300 points.

/zigman2/quotes/210599654/delayed
XX : STOXX
363.55
+1.06 +0.29%
Volume: 0.00
Aug. 7, 2020 5:50p
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/zigman2/quotes/206172043/delayed
FR : France: Euronext Paris
32.80
-0.25 -0.76%
Volume: 3.71M
Aug. 7, 2020 5:39p
P/E Ratio
N/A
Dividend Yield
8.05%
Market Cap
€86.72 billion
Rev. per Employee
€1.59M
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/zigman2/quotes/202941606/delayed
ES : Spain: Madrid
6.68
-0.12 -1.82%
Volume: 7.54M
Aug. 7, 2020 5:38p
P/E Ratio
N/A
Dividend Yield
11.11%
Market Cap
€10.42 billion
Rev. per Employee
€2.06M
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/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
4.23%
Market Cap
£90.07 billion
Rev. per Employee
N/A
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/zigman2/quotes/209850698/delayed
DE : Germany: Frankfurt
48.98
+0.98 +2.04%
Volume: 1,919
Aug. 7, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€299,158
loading...
/zigman2/quotes/205761551/delayed
DE : Germany: Frankfurt
23.06
-1.06 -4.39%
Volume: 865.00
Aug. 7, 2020 5:37p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€190,396
loading...
/zigman2/quotes/210407078/delayed
US : U.S.: CBOT
$ 27,198.00
-87.00 -0.32%
Volume: 111,141
Aug. 7, 2020 11:03a
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Steve Goldstein is MarketWatch markets editor for Europe. Follow him on Twitter: @MKTWgoldstein.

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