Stocks

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 rack up hefty gains as cyclicals rally

By Sruthi Shankar

(Reuters) – European stocks racked up their best week in two months on Friday, with investors scooping up battered shares of banks, automakers and travel companies amid growing signs that the pandemic-hit global economy is recovering.

The pan-European STOXX 600 <.STOXX> ended the day 2.5% higher, getting an afternoon boost from data that showed U.S. economy unexpectedly added jobs in May after suffering record losses the prior month.

Euro zone blue chip stocks <.STOXXE> jumped 3.8% and the bloc’s lenders <.SX7E> rallied 7.6% for their best weekly gain since 2008’s global financial crisis.

Risky assets across the world have been lifted this week as economies continued to emerge from their lockdowns, while a bigger-than-expected stimulus package from the European Central Bank and hopes for European-Union wide fiscal action gave a further boost to the continent’s markets.

Growth-sensitive cyclical sectors that have suffered badly during the coronavirus crisis,

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Buy Stocks, But Keep In Mind We’re In A Recession

The Federal Reserve has taken the necessary steps in stabilizing stocks, and the market is now in a “much better place” than it has been for some time, Chris Harvey, head of equity strategy at Wells Fargo Securities, said Wednesday on CNBC’s “Trading Nation.”

Wells Fargo Strategist Finds Signs Of Hope

The coronavirus has yet to be resolved, but there are initial signs its devastation has peaked in Italy and “perhaps” even in New York City, Harvey said.

The timing comes just one week ahead of the first round of earnings reports, which Harvey said will still be “difficult.”

Over the next few days and weeks, Wall Street’s earnings estimates are likely to come down “dramatically,” but this shouldn’t necessarily deter investors from buying stocks at current levels, he said.

Investors shouldn’t shy away from seeking opportunities after the recent “destruction” in stocks, the strategist said. 

Benzinga is covering every

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Should We Start Buying Travel & Leisure Stocks?

Airlines, hotels & resorts, amusement parks, and cruises have been pummeled by the pandemic.

The pandemic may be the end of cruise liners as we know them. Carnival CCL, the largest cruise company in the world, has lost 76% of its value in 2020 thus far. The pandemic has made cruises taboo, and it may take years for them to shake this. There is going to be bankruptcy and consolidation in the nonessential cruise industry.

Amusement parks like Six Flags SIX is on the verge of another bankruptcy. Disney DIS has had to close its 12 global theme parks but looks to Disney+ for future growth.

The airline industry is facing its most significant threat in history. Delta DAL, the largest global airline, has declined 59% since the beginning of 2020. Airlines are looking to the US government for support.

Hotels have had record low occupancy and been forced to

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