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European stocks are rising as investors juggle technological optimism and economic gloom

European stocks rose on the last day of trading of the month, picked up by better-than-expected results and after gains from the launch for major US technology companies. This amusement has helped investors turn their backs on signs of growing global economic problems due to the pandemic.

The Stoxx Europe 600 SXXP index,
+ 0.59 percent
rose 0.5% to 361.06 after posting the worst one-day losses in four weeks, down 2.2%. The index fell 0.2% in July. Elsewhere, the German DAX DAX,
+ 0.66%
increased by 0.6%, the French CAC 40 index PX1,
+ 0.39%
won 0.6% and the FTSE 100 UKX index,
+ 0.19%
added 0.3%.

New data from China revealed encouraging factory data. This is in line with alarming US data showing consistently high layoffs and a record decline in gross domestic product of 32.9% in the second quarter. Recent epidemics in the southern states and elsewhere have forced businesses to close again in parts of the United States.

“What’s probably more troubling to investors is the realization that negative headlines about a possible second wave will only make it much harder to achieve any kind of prospect of a V-shaped recovery, especially after working in the United States. the market recovery seems to have stopped, ”said Michael Huson, chief market analyst at CMC Markets, in a note to customers.

Meanwhile, the blocking of the boost pushed the French gross domestic product to a record 13.8% decline in the second quarter, and the Spanish GDP fell by 18.5%.

Fears of a second wave of the virus are mounting in Britain after the government imposed new restrictions on blocking in the northern parts of the country at the end of Thursday. The increase in coronavirus cases due to people who do not follow the rules of social distancing was to blame for the new restrictions, said Health Secretary Matt Hancock. Spain and Belgium are also battling outbreaks.

Technology stocks in Europe rose on Friday after iPhone maker Apple AAPL,
+ 1.21%
and the Amazon.com AMZN e-commerce group,
+ 0.60%
posted a profit Thursday afternoon that blew analysts’ expectations. In addition to reporting more than $ 11 billion in profits, Apple also announced a four-to-one split. Social media giant Facebook FB,
+ 0.51%
and Google Parental Alphabet GOOGL
+ 0.97 percent
published hard if they have less jaw loss.

Nasdaq-100 futures NQ00,
+ 1.00%
rose 91.75 points, or 0.9%, to 10.886, while the Dow Jones Industrial Average YM00,
+ 0.16%
and S&P 500 ES00 futures,
+ 0.26%
increased by about 0.2% each.

Shares of semiconductor companies ASM International NV ASM,
+ 4.85%
and Dialog Semiconductor PLC DLG,
+ 3.59%
won over 3% and 2% each.

Nokia Corporation NOK,
+ 2.53%
+ 11.58%
the shares led to Stoxx Europe 600 gains, rising 11% after Finnish telecommunications and technology grouped year-round guidelines for higher profitability and money generation. Nokia said sales took a hit of 300 million euros in the second quarter due to the pandemic.

Elsewhere, BNP Paribas SA BNP,
+ 3.02%
was the leading earner, with shares rising 4% after the French bank said heavy customer activity boosted its market operations, relieving pain of a € 1.45 billion ($ 1.72 billion) loan loss provision.

BLITZ American Tobacco PLC BATS,
+ 0.52%
reported profit growth for the first half despite a decline in volume. The bioprocessor department in Kentucky of the cigarette manufacturer has applied for and is awaiting approval from the US Food and Drug Administration to begin testing its Covid-19 vaccine, Kingsley Wheaton, the company’s chief marketing officer, told MarketWatch in an interview.

Against the background of the shares of the International Consolidated Airline Group IAG,
slipped more than 5% after the owner of British Airways and other airlines swung to a loss of 4.21 billion euros and announced plans to raise capital of 2.75 billion euros to increase the balance of the company’s struggle. IAG also said it was discussing a potential restructuring of Air Europa’s acquisition with Globalia to take into account the effects of the pandemic.

Shares of Air France-KLM SA AF,
fell by 2.2%. The airline has announced it will cut 1,500 additional jobs.

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