European stocks try to rally after Wall Street sell-off

0
56


European stocks attempted to push higher on Friday, erasing early losses, although Nasdaq-100 futures continued to point south after Wall Street’s worst sell-off since early June. Spanish banks have pushed the financial sector to talk about mergers.
After falling 1.4% in an end-of-day slide, the SXXP,
+ 0,42%
was up 0.2% to 366.66. The index opened 0.9% lower. The PX1,
+ 0,59%
and DAX,
+ 0,13%
increased by 0.1% and 0.3% each, while the PX1,
+ 0,59%
increased by 0.2%.

Le DJIA,
-2,77%
fell more than 800 points on Thursday, due to a tech-led sale that wiped out 5% of the COMP,
-4,96%.
With the SPX,
-3,51%,
all three indices marked the worst drop in one day since June 11. Stock futures hinted at modest gains for Friday, except for tech, with COMP,
-4,96%
0.4%.
Investors are waiting for important data on employment in the United States. Economists polled by MarketWatch expect 1.2 million jobs to have been added in August, but hiring has slowed from early summer.

In Europe, data shows German manufacturing orders weakened in July, although they rose for the third month in a row.
Shares of CaixaBank SA CABK,
+ 11,42%
jumped 11% and Bankia SA BKIA,
+ 23,12%
climbed 28% after Spanish banks said Thursday night they were in talks about a possible merger, potentially the biggest problem for the country’s banking sector in years.
This spilled over into earnings for the rest of the sector, with shares of Sabadell SA SAB,
+ 8,15%
up 11% and Bankinter BKT,
+ 4,22%
up to 6%. Banco Santander SA SAN,
-0,91%
SAN,
+ 2,51%
et BBVA,
+ 1,42%
BBVA,
+ 2,96%
stocks rose more than 3% each.
One notable element of Thursday’s trade was that notable advancers this year were among the worst performing. Some of those sales continued on Friday, with SINCH communications,
-0,37%
down 3.5% after falling nearly 10% on Thursday. But the delivery service company Delivery Hero AB DHER,
+ 2,23%
rebounded with a gain of almost 2% after falling 8% the day before.
Elsewhere, shares of Ryanair Holdings PLC RYA,
+ 3,34%
The lower-rate airline said it had raised 400 million euros ($ 474.1 million) via a slightly discounted stock Thursday night, as the airline seeks to preserve its cash flow and strengthen its financial position. Actions of rival EZJ,
+ 2,38%
climbed 1.2%.

LEAVE A REPLY

Please enter your comment!
Please enter your name here