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April 2, 2020, 12:20 p.m. EDT

European energy companies rally as crude-oil futures jump

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By Steve Goldstein, MarketWatch


Getty Images
People wearing protective face masks sit on the stairs in front of the Sacré-Cœur Basilica in the Montmartre district in Paris, on April 1, 2020, during the strict lockdown in France to stop the spread of COVID-19 (novel coronavirus).

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.

But big pharmaceuticals, including Roche /zigman2/quotes/206324342/delayed CH:ROG -0.51% and AstraZeneca /zigman2/quotes/203048482/delayed UK:AZN -0.23% , lost ground.

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.

/zigman2/quotes/210599654/delayed
XX : STOXX
464.93
-5.93 -1.26%
Volume: 0.00
Dec. 2, 2021 3:50p
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/zigman2/quotes/202941606/delayed
ES : Spain: Madrid
10.00
-0.02 -0.18%
Volume: 3.96M
Dec. 2, 2021 3:50p
P/E Ratio
12.19
Dividend Yield
2.67%
Market Cap
€14.94 billion
Rev. per Employee
€1.40M
loading...
/zigman2/quotes/206428183/delayed
UK : U.K.: London
£ 1,621.60
+14.60 +0.91%
Volume: 3.81M
Dec. 2, 2021 2:50p
P/E Ratio
40.08
Dividend Yield
0.04%
Market Cap
£123.69 billion
Rev. per Employee
£1.52M
loading...
/zigman2/quotes/206450192/delayed
FR : France: Euronext Paris
5.07
-0.15 -2.84%
Volume: 2.19M
Dec. 2, 2021 3:50p
P/E Ratio
21.46
Dividend Yield
2.26%
Market Cap
€2.22 billion
Rev. per Employee
€328,208
loading...
/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 64.86
-0.71 -1.08%
Volume: 346,262
Dec. 2, 2021 9:55a
loading...
/zigman2/quotes/206324342/delayed
CH : Switzerland: SWX
CHF 363.95
-1.85 -0.51%
Volume: 607,663
Dec. 2, 2021 3:48p
P/E Ratio
22.40
Dividend Yield
2.50%
Market Cap
CHF315.78 billion
Rev. per Employee
CHF574,809
loading...
/zigman2/quotes/203048482/delayed
UK : U.K.: London
8,295.00 p
-19.00 -0.23%
Volume: 625,503
Dec. 2, 2021 2:50p
P/E Ratio
88.35
Dividend Yield
2.44%
Market Cap
£128.80 billion
Rev. per Employee
£282,763
loading...
/zigman2/quotes/210414141/delayed
UK : U.K.: London
1,176.40 p
-51.60 -4.20%
Volume: 1.55M
Dec. 2, 2021 2:50p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£13.91 billion
Rev. per Employee
N/A
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Steve Goldstein is MarketWatch markets editor for Europe. Follow him on Twitter: @MKTWgoldstein.

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