European stocks on track to break three-session losing run


European stocks on track to break three-session losing run

European stocks advanced on Tuesday, putting markets on track to end a three-session losing run.

Up 17% from the lows of March, the Stoxx Europe 600
SXXP,
+1.83%

rose 1.8%.

The gains tracked a reversal on Wall Street on Monday, when early-session losses evaporated and investors bid technology stocks higher.

Stocks mostly shrugged off a German court decision that found the European Central Bank exceeded its powers with the Public Sector Purchase Programme and banned the Bundesbank from implementing it.

With new coronavirus growth in the 1-2% a day range in the U.S. and Europe, attention is turning to how to more significantly boost the economy without leading to a spike in infection growth. The U.K. is piloting a contact tracing app on the Isle of Wight.

California will begin easing lockdown measures on Friday.

Shares of France’s Total
FP,
+9.23%

and Spain’s Repsol
REP,
+13.41%

surged after both oil producers maintained their dividends. Last week, rival Royal Dutch Shell
RDSA,
+7.88%

cut its dividend by two-thirds.

The rally in crude-oil futures that took Brent to the precipice of $30 per barrel also helped the energy producers.

Shares of German meal-kit maker HelloFresh
HFG,
+6.78%

climbed 8%, after reporting a 66% jump in revenue for the first quarter and lifting its 2020 guidance for revenue to grow between 40% and 55% on a constant currency basis from previous estimates of around 22% and 27%.

Hugo Boss
BOSS,
-4.78%

shares slipped 4% as the German clothing brand said second-quarter sales will fall at least 50%.

Futures on the Dow Jones Industrial Average
YM00,
+1.61%

rose 300 points.


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