European stocks and the dollar rose Tuesday, reversing the previous day’s sour tone as traders digest a wave of corporate results on both sides of the Atlantic and the latest coronavirus news.
Down 0.3% on Monday, the Stoxx Europe 600
slipped, trading at $1.1731 vs. $1.1753 on Monday, when it reached the highest level since Sept. 25, 2018. Gold futures were steady after Monday’s $33.70 per ounce gain that set a new record high.
U.S. coronavirus numbers have improved, with deaths, new cases and the positive test rate on Monday declining, according to data from the COVID-19 project. That improvement comes as Moderna started late-stage trial of its COVID-19 vaccine and as Republicans lawmakers introduced the latest stimulus package meant to offset the economic disruption from the coronavirus.
Investors largely cheered the earnings news released Tuesday.
shares rose 3.2% as the French automaker reported a surprise profit for the first half. Peugeot is planning to complete its merger with Fiat Chrysler Automobiles
before the end of the first quarter of 2021.
B&M European Value Retail
gained 4% as the U.K. retailer said its first-half adjusted EBITDA will top analyst expectations.
the German food-service delivery company, rose 2.9% after raising its fiscal year revenue guidance and saying it will top 1 billion orders on its platforms.
LVMH Moet Hennessy
shares slumped 3.3% as the luxury-goods giant reported an 84% drop in first-half profit on a 27% revenue fall.
Following the 115-point gain for the Dow industrials
on Monday, U.S. stock futures
were steady. U.S. earnings results are on tap from Pfizer and 3M , and after the close, Starbucks and Visa.