Euro Markets Shrug Off U.S. Coronavirus Concerns, Posting Positive Session in the Morning

European stocks shrugged off the negative sentiment over a record high daily coronavirus case in the U.S. and showed slight gains in the morning session on Friday, July 3, 2020, as China reported rising economic data and the U.S. reported a job gain of 4.8 million in June.

 

As of 14:30 local time in Thailand (GMT+7), German’s DAX rose 0.30%, British FTSE increased 0.11%, France CAC gained 0.04% and Euro STOXX600 advanced 0.19%.

 

On Friday, a private survey reported that China’s services sector had the fastest growth in a decade after the Caixin/Markit services Purchasing Managers Index in June came in at 58.4 May’s 55.0 as the economy started to recover from the lockdown.

 

Meanwhile, the U.S. jobless claims for the last week of June rose by 1.42 million, higher than the Dow Jones’ poll at 1.38 million. The number has been above 1 million since March. Nevertheless, the Labor Department reported that 4.8 million jobs were added in June after the economy started to reopen.

Yesterday, the United States reported the largest single-day jump in Covid-19 cases, posting more than 55,000 new inflections, a new daily global record for the coronavirus pandemic. The daily U.S. tally was at 55,274 late Thursday, beating the previous single-day record of 54,771 in Brazil on June 19.

According to Reuters analysis, new infections were rising in 37 out of 50 U.S. states in the past 14 days, compared to two weeks prior, resulting in the United States having now recorded at least 128,000 deaths, nearly a quarter of the known global total.