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April 7, 2020, 5:37 a.m. EDT

Rally continues in European stocks on coronavirus hopes as pound recovers from Johnson hospitalization

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By Steve Goldstein, MarketWatch


Associated Press
A police officer stands outside St Thomas' Hospital in central London as British Prime Minister Boris Johnson was moved to intensive care after his coronavirus symptoms worsened on April 6, 2020.

European stocks climbed for a second day as traders focused on data showing that the growth rate of the coronavirus spread is slowing.

Up 3.7% on Monday, the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.78%  climbed 2.2%, and the German DAX /zigman2/quotes/210597999/delayed DX:DAX -0.94% , French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -0.65% and U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.85%  also jumped.

The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.58%  shot up 1627.46 points, or 7.73%, on Monday, and futures on the blue chip index /zigman2/quotes/210407078/delayed YM00 -0.38% rose another 600 points.

Beaten-up stocks from the pandemic surged. Movie-chain operator Cineworld Group /zigman2/quotes/206525056/delayed UK:CINE -4.35% , which halted its dividend, jumped 44%, and cruise-ship operator Carnival /zigman2/quotes/210414141/delayed UK:CCL -7.43%  climbed 23%. Both companies have dropped 78% this year.

Two of Europe’s better-performing stocks this year struggled, with diagnostics-test maker bioMerieux /zigman2/quotes/206867731/delayed FR:BIM +1.93%  and prepared-food-kit maker HelloFresh /zigman2/quotes/209850698/delayed DE:HFG 0.00%  retreating.

The stock market gains came as the global growth rate of coronavirus cases continued to slow, to 5.8% from 6%, according to data from Deutsche Bank, while the U.S. growth rate did edge back up to 9% from 8.2%. Still, that is the second straight day of sub-10% growth in the U.S. The news on the virus front wasn’t entirely positive, as Japan declared a state of emergency in seven prefectures.

As the virus outbreak continues, U.S. lawmakers are considering another stimulus package that could be worth more than $1 trillion, according to The Washington Post .

The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.0081%  more than recovered the losses from the hospitalization of U.K. Prime Minister Boris Johnson over the coronavirus.

Johnson stayed overnight in the intensive care unit.

/zigman2/quotes/210599654/delayed
XX : STOXX
352.68
-2.79 -0.78%
Volume: 0.00
May 29, 2020 12:14p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
11,670.53
-110.60 -0.94%
Volume: 44,272
May 29, 2020 12:14p
loading...
/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
4,740.46
-30.93 -0.65%
Volume: 36,914
May 29, 2020 12:14p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,166.20
-52.59 -0.85%
Volume: 305,519
May 29, 2020 11:14a
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
25,400.64
-147.63 -0.58%
Volume: 378.40M
May 28, 2020 5:13p
loading...
/zigman2/quotes/210407078/delayed
US : U.S.: CBOT
$ 25,360.00
-97.00 -0.38%
Volume: 51,735
May 29, 2020 5:19a
loading...
/zigman2/quotes/206525056/delayed
UK : U.K.: London
89.76 p
-4.08 -4.35%
Volume: 12.63M
May 29, 2020 11:12a
P/E Ratio
8.76
Dividend Yield
0.00%
Market Cap
£1.06 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210414141/delayed
UK : U.K.: London
1,096.00 p
-88.00 -7.43%
Volume: 1.09M
May 29, 2020 11:13a
P/E Ratio
5.01
Dividend Yield
0.00%
Market Cap
£8.19 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206867731/delayed
FR : France: Euronext Paris
126.80
+2.40 +1.93%
Volume: 51,552
May 29, 2020 12:14p
P/E Ratio
55.18
Dividend Yield
0.15%
Market Cap
€13.69 billion
Rev. per Employee
€658,141
loading...
/zigman2/quotes/209850698/delayed
DE : Germany: Frankfurt
37.00
0.00 0.00%
Volume: 309.00
May 29, 2020 11:40a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€299,158
loading...
/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.2321
-0.0001 -0.0081%
Volume: 0.0000
May 29, 2020 6:29a
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Steve Goldstein is MarketWatch markets editor for Europe. Follow him on Twitter: @MKTWgoldstein.

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