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Oct. 12, 2020, 5:40 a.m. EDT

European stocks and U.S. futures edge higher on stimulus hopes

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By Steve Goldstein

European stocks traded higher on Monday, helped by hopes of further stimulus on both sides of the Atlantic, and with the autumn spread of coronavirus increasingly leading to tightened rules on activity.

Up 2.1% last week, the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +1.22% rose 0.4%.

The German DAX /zigman2/quotes/210597999/delayed DX:DAX +1.59% and the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +1.30% edged higher, while the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.72% slipped.

After a 3.8% gain for the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.02% last week, U.S. stock futures /zigman2/quotes/208225921/composite SP +4.46% /zigman2/quotes/210598365/realtime COMP +2.76% rose.

Market attention continues to be focused on the prospect of a second U.S. stimulus package. Senate Republicans as well as House Democrats objected to the new offer from the Trump administration over the weekend.

“U.S. fiscal policy negotiations are starting to look a lot like the EU-U.K. divorce negotiations, being both tedious and interminable,” said Paul Donovan, chief economist of UBS global wealth management. With former Vice President Joe Biden leading President Donald Trump in polls, traders believe that new U.S. stimulus will come early in 2021 if not ahead of the election.

Philip Lane, the chief economist of the European Central Bank, said in an interview that the eurozone economy is going to end the year about 5% below last year’s levels, as he didn’t commit to further stimulus. “It really is a unique period of uncertainty. But along some dimensions the uncertainty will diminish in the autumn because we’ll know more about the outlook for 2021,” Lane told The Wall Street Journal .

New local lockdown rules are set to be introduced for England, with Liverpool expected to face the toughest restrictions.

KPN /zigman2/quotes/200683801/delayed NL:KPN -0.03% shares shot up 7% after Bloomberg News reported that private-equity group EQT /zigman2/quotes/214213438/delayed SE:EQT +2.53% was considering a takeover offer for the Dutch telecom.

Daimler shares rose 2% as Goldman Sachs upgraded the automobile maker to buy from sell, the latest brokerage to become more optimistic on the maker of Mercedes-Benz cars.

Société Générale /zigman2/quotes/206663756/delayed FR:GLE +3.62% shares rose 3% as Jefferies upgraded the French bank to buy from hold, citing its expectations on higher French banking revenue, lower costs, and better dividends.

Euronext /zigman2/quotes/208368645/delayed FR:ENX +1.04% fell 3%, falling for a second day after agreeing to buy Borsa Italiana from the London Stock Exchange for €4.3 billion. Analysts at UBS said Euronext paid more than they had anticipated and the forecasted cost synergies are less than anticipated.

/zigman2/quotes/210599654/delayed
XX : STOXX
438.97
+5.30 +1.22%
Volume: 0.00
May 17, 2022 11:03p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
14,185.94
+221.56 +1.59%
Volume: 71,183
May 17, 2022 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,430.19
+82.42 +1.30%
Volume: 86,952
May 17, 2022 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,518.35
+53.55 +0.72%
Volume: 695,741
May 17, 2022 4:59p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,088.85
+80.84 +2.02%
Volume: 2.46B
May 17, 2022 4:54p
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/zigman2/quotes/208225921/composite
add Add to watchlist SP 500 FUTURES
US : U.S.: Nasdaq
$ 31.38
+1.34 +4.46%
Volume: 54,819
May 17, 2022 4:00p
P/E Ratio
16.74
Dividend Yield
N/A
Market Cap
$698.78 million
Rev. per Employee
$77,036
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/zigman2/quotes/210598365/realtime
add Add to watchlist NASDAQ 100 FUTURES
US : Nasdaq
11,984.52
+321.73 +2.76%
Volume: 4.44M
May 17, 2022 5:16p
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/zigman2/quotes/200683801/delayed
NL : Netherlands: Euronext Amsterdam
3.31
-0.0010 -0.03%
Volume: 12.17M
May 17, 2022 5:35p
P/E Ratio
10.75
Dividend Yield
4.11%
Market Cap
€13.65 billion
Rev. per Employee
€543,458
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/zigman2/quotes/214213438/delayed
SE : Sweden: Stockholm
kr 279.50
+6.90 +2.53%
Volume: 1.26M
May 17, 2022 5:29p
P/E Ratio
29.70
Dividend Yield
1.00%
Market Cap
kr270.92 billion
Rev. per Employee
kr13.32M
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/zigman2/quotes/206663756/delayed
FR : France: Euronext Paris
24.05
+0.84 +3.62%
Volume: 5.68M
May 17, 2022 5:37p
P/E Ratio
3.78
Dividend Yield
6.86%
Market Cap
€17.71 billion
Rev. per Employee
€371,419
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/zigman2/quotes/208368645/delayed
FR : France: Euronext Paris
73.76
+0.76 +1.04%
Volume: 87,109
May 17, 2022 5:35p
P/E Ratio
16.52
Dividend Yield
2.62%
Market Cap
€7.80 billion
Rev. per Employee
€657,374
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