stocks

Travel, Retail Stocks Had Nice Start To Week, Highlighted By Foot Locker, Royal Caribbean

Over just six months, the S&P 500 Index (SPX) has gone from record highs to three-year lows back to the doorstep of new record highs this morning. 

As this relentless rally rolls on, it’s important to keep in mind that a number is just a number. Still, it’s hard to ignore the symbolism if the SPX moves above that old February intraday level of 3393. Six months may seem like a long time, but it took nearly a decade for stocks to revisit their 2007 highs after the financial crisis. Things seem to be going in fast motion as the SPX is up seven sessions in a row. 

This morning, people are bidding up stocks ahead of the bell in hopes that a Russian vaccine approval could be the first step toward ending the crisis. It’s positive news, but might get viewed with the old “fish eye.” We’ll believe it

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FTSE 100 dragged lower by travel stocks as more lockdowns kill holiday spirit

The beaches are popular tourist hotspots in the holiday season: AFP via Getty Images
The beaches are popular tourist hotspots in the holiday season: AFP via Getty Images

In more normal times, this week should have been the start of the summer holiday season. But with Barcelona among popular locations facing the possibility of a return to lockdown in the next fortnight, there were few signs of getaway optimism today.

Shares in airline, hotel and leisure companies were again squeezed on the London market, with investors increasingly nervous after a surge in coronavirus cases over the weekend.

Low-cost airline easyJet saw its shares fall 2% to 647.4p, while International Airlines Group was down 3% to 212.7p. The pressure on the British Airways owner reflected the increasingly worrying global picture, with Hong Kong this weekend reporting the biggest spike in cases since the start of the pandemic in January.

The flight from risk also meant GKN owner Melrose Industries, which makes parts for Airbus,

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European stocks end choppy session higher on vaccine hopes

By Sruthi Shankar and Julien Ponthus

(Reuters) – Hopes of a COVID-19 vaccine pulled European stocks from losses earlier on Wednesday, after fears of a no-deal Brexit and anxieties relating to the European Union’s recovery fund had weighed on sentiment.

Ending a choppy session, the pan-European STOXX 600 index <.STOXX> rose 0.2%, with blue-chip indexes in Paris <.FCHI>, Milan <.FTMIB> and London <.FTSE> down about 0.2%

Markets on both sides of the Atlantic got a boost as a COVID-19 vaccine developed by Pfizer Inc <PFE.N> and German biotech firm BioNTech <BNTX.O> showed promise and was found to be well tolerated in early-stage human trials.

A series of business surveys released earlier showed broad improvements in manufacturing across Europe and Asia as economies opened up, with IHS Markit’s final euro zone Manufacturing Purchasing Managers’ Index (PMI) moving closer to the 50-mark separating growth from contraction in June.

Improving economic data out

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European stocks surge as cyclicals rally, U.S. jobs data awaited

By Sruthi Shankar

(Reuters) – European shares climbed on Thursday as encouraging economic data from across the globe and hopes of a COVID-19 vaccine lifted sentiment ahead of the crucial U.S. jobs data.

The pan-European STOXX 600 <.STOXX> rose 1.2% to mark its fourth consecutive day of gains. Banks <.SX7P>, automakers <.SXAP> and travel & leisure <.SXTP> firms were the top gainers, jumping between 2.7% and 3.4%.

Financial markets entered the second half of the year on a cheerful note earlier this week, as business surveys showed a coronavirus-induced slump in global manufacturing eased in June.

Adding to optimism, a COVID-19 vaccine developed by German biotech firm BioNTech <BNTX.O> and U.S. pharmaceutical giant Pfizer <PFE.N> was found to be well-tolerated in early stage human trials.

All eyes are on the U.S. payrolls data, due at 1230 pm GMT. Economists have estimated that job numbers rose by 3 million in June,

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