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European stocks rise slightly, while US futures headline virus headlines and Fed-Treasury spending




Les Galeries Lafayette Christmas’ decorations inauguration on November 19, 2020 in Paris, France

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European stocks edged up on Friday, as US equity futures pulled back as investors weighed a mix of coronavirus updates and a rift between the US Treasury and Federal Reserve over the end of programs. emergency loans.

The Stoxx Europe 600 SXXP index,
+ 0.49%
rose 0.3% to 388.87 for a weekly gain of almost 1%. The German DAX DAX,
+ 0.36%
increased by 0.2%, French CAC 40 PX1,
+ 0.52%
is up 0.4% and the FTSE 100 UKX,
+ 0.47%
added 0.3%. The euro was stable at $ 1.1872.

Dow Jones Industrial Average YM00,
and S&P 500 futures ES00,
fell around 0.4% each, while Nasdaq-100 NQ00 futures,
+ 0.05%
were modestly out. US stocks slipped into positive territory in the closing hours of trading on Thursday in renewed hope for fiscal stimulus.

But the optimism over the stimulus deals was eclipsed after Treasury Secretary Steven Mnuchin on Thursday refused to extend emergency loan programs put in place with the Fed that were due to expire at the end of the year. The Fed expressed its objection in a statement that followed, displaying a rare public divide between the two.

Mnuchin also asked the Fed to return the unused funds to the Treasury so that they can be reallocated.

The disagreement comes as the United States battles runaway infection rates, California imposes a new curfew and the Centers for Disease Control and Prevention advises against travel for the next weeks of Thanksgiving vacation.

In a setback for viral treatments, a World Health Organization (WHO) panel recommended against doctors using Gileads GILD,
drug remdesivirt to treat coronavirus patients, claiming it has no significant effect on mortality or other important outcomes.

However, there was encouraging news for Europe, after the President of the European Commission, Ursula von der Leyen would have said Thursday that vaccine candidates Pfizer and BioNTech and Modernas COVID-19 could receive conditional marketing authorization by mid-December. Reuters reported that the EU could pay more than $ 10 billion to buy vaccine doses from Pfizer, BioNTech and CureVac.

However, Hans Kluge, WHO director for Europe, warned Thursday as the continent faces a difficult six months ahead, with the region accounting for 28% of global cases and 26% of deaths. It’s as EU leaders did not progress on a mega stimulus package Thursday that was blocked due to a veto from Poland and Hungary.

And trade negotiations on Brexit have been suspended for a short time after a member of the EU’s chief negotiator, Michel Barnier, tested positive for COVID-19.

On the data front, UK retail sales rose in October for the sixth consecutive month despite a spike in infections.

Among the actions in motion, the actions of Sage Group SGE,
fell 11% after the multinational enterprise software group fell 11% after mixed results from the multinational enterprise software group.

Despite strong plan growth, higher investments and $ 17 million in bad debt provisions have invariably resulted in weaker organizational performance. operating profit, a Jefferies analyst team led by PaulKratz said in a note to clients.

Shares of Smurfit Kappa IE: SK3 fell 3%. The UK paper and packaging company said it had raised 660 million euros ($ 783.7 million) in stock placement to accelerate investments.

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