By Steve Goldstein, MarketWatch
A rally in crude-oil futures sent the European energy sector higher on Tuesday, helping markets recover some lost ground from the rough start to the second quarter.
After falling 2.9% on Monday, the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -1.26% edged up 0.4%.
Oil producers including Repsol /zigman2/quotes/202941606/delayed ES:REP -0.18% and Royal Dutch Shell /zigman2/quotes/206428183/delayed UK:RDSA +0.91% , and oil service firms including TechnipFMC /zigman2/quotes/206450192/delayed FR:FTI -2.84% , were helped as light sweet crude oil futures /zigman2/quotes/211629951/delayed CL.1 -1.08% jumped. President Donald Trump expressed optimism Russia and Saudi Arabia can work out their differences that led to a price war, ahead of a meeting he’s holding with oil executives.
The broader concern is when the coronavirus outbreak will get under control and allow countries to reopen for business. Global new-case growth was 9%, the fourth consecutive day it has been under 10%, though U.S. growth was 14.2%, with Florida becoming the latest state to issue a shutdown.
In the worst-affected state, New York case growth was 10.3% as deaths jumped by nearly 30%, according to data compiled by Deutsche Bank.
Traders will be focused on initial jobless claims data due for 8:30 a.m. Eastern, after last week’s numbers spiked to 3.3 million.
Cruise operator Carnival /zigman2/quotes/210414141/delayed UK:CCL -4.20% slumped 22%. Carnival priced the stock offering at $8 a share, vs. a close on Monday of $8.80. Carnival said it is decreasing its common stock offering to approximately $500 million from the previously announced $1.25 billion, while increasing its senior debt offering, where it’s offering bond holders a yield of 11.5%, to $4 billion from the previously announced $3 billion. Carnival also is selling $1.75 billion in convertible notes.