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June 23, 2020, 5:35 a.m. EDT

Stocks in Europe and U.S. futures climb on economic optimism

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By Steve Goldstein, MarketWatch


Getty Images
A shopper wearing a protective face mask walks past Government advice displayed on an advertisement board in Westfield shopping center in London, on June 22, 2020.

European stocks advanced on Tuesday, getting a lift on hopes the economy will continue to recover without a spate of new virus cases throwing lockdown-easing measures off course.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.41%  advanced 1.2%, with banks including Banco /zigman2/quotes/205677933/delayed ES:SAN +1.54%  and HSBC Holdings /zigman2/quotes/203901799/delayed UK:HSBA +1.76%  leading the index higher.

The German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.37% , French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.56%  and the U.K. FTSE /zigman2/quotes/210598409/delayed UK:UKX +0.07%  also rose.

Futures on the Dow Jones Industrial Average /zigman2/quotes/210407078/delayed YM00 +0.21%  rose 223 points, after briefly getting knocked by comments by White House trade adviser Peter Navarro on the U.S.-China trade deal, which he later walked back. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.13%  ended Monday with a 153-point gain.

Navarro and President Donald Trump’s insistence that the trade deal was still in place put the focus back on the economy. The U.K. government is expected on Tuesday to outline further lockdown-easing measures.

Purchasing managers indexes also pointed to an economy moving past its worst. The flash eurozone composite purchasing managers index rose to a 4-month high of 47.5 in June from 31.9 in May, Markit said on Tuesday, though the figure was still below the 50-mark, indicating deteriorating conditions. It did beat the 42.0 FactSet-compiled economist forecast.

“Overall we see the second-wave and U.S. election stories as contributing to market volatility as headlines feed investors’ hopes and fears about the speed and strength of the economic recovery. But it is the Fed story that will endure over the medium term,” said Mark Haefele, chief investment officer at UBS Global Wealth Management.

Of stocks on the move, Hikma Pharmaceuticals /zigman2/quotes/204872832/delayed UK:HIK -0.08%  slumped 7%, as the company bought back 12.8 million shares of the 27.2 million shares Boehringer Ingelheim sold.

Wirecard /zigman2/quotes/201427212/delayed DE:WDI +2.02%  rose for the first time since it revealed a €1.8 billion of missing cash on its balance sheet that it now concedes probably never existed in the first place, climbing 22%. The Munich prosecutor said the former chief executive, Markus Braun, has been detained.

/zigman2/quotes/210599654/delayed
XX : STOXX
393.23
+1.60 +0.41%
Volume: 0.00
Nov. 27, 2020 11:03p
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/zigman2/quotes/205677933/delayed
ES : Spain: Madrid
2.47
+0.04 +1.54%
Volume: 68.38M
Nov. 27, 2020 5:38p
P/E Ratio
N/A
Dividend Yield
3.15%
Market Cap
€42.07 billion
Rev. per Employee
€405,338
loading...
/zigman2/quotes/203901799/delayed
UK : U.K.: London
404.85 p
+7.00 +1.76%
Volume: 80.11M
Nov. 27, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£81.03 billion
Rev. per Employee
£314,521
loading...
/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
13,335.68
+49.11 +0.37%
Volume: 63,823
Nov. 27, 2020 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
5,598.18
+31.39 +0.56%
Volume: 84,634
Nov. 27, 2020 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,367.58
+4.65 +0.07%
Volume: 1.42M
Nov. 27, 2020 4:59p
loading...
/zigman2/quotes/210407078/delayed
US : U.S.: CBOT
$ 29,891.00
+63.00 +0.21%
Volume: 98,368
Nov. 27, 2020 12:14p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
29,910.37
+37.90 +0.13%
Volume: 178.10M
Nov. 27, 2020 2:07p
loading...
/zigman2/quotes/204872832/delayed
UK : U.K.: London
2,632.00 p
-2.00 -0.08%
Volume: 601,066
Nov. 27, 2020 4:35p
P/E Ratio
15.70
Dividend Yield
1.31%
Market Cap
£6.07 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201427212/delayed
DE : Germany: Frankfurt
0.50
+0.0099 +2.02%
Volume: 59,726
Nov. 27, 2020 8:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€430,030
loading...

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

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