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A rally in crude-oil futures sent the European energy sector higher on Tuesday, helping markets recover some lost ground from the rough start to the second quarter.
After falling 2.9% on Monday, the Stoxx Europe 600 SXXP, +0.67% edged up 0.4%.
Oil producers including Repsol REP, +4.64% and Royal Dutch Shell RDSA, +8.91%, and oil service firms including TechnipFMC FTI, +9.25%, were helped as light sweet crude oil futures CL.1, +10.29% jumped. President Donald Trump expressed optimism Russia and Saudi Arabia can work out their differences that led to a price war, ahead of a meeting he’s holding with oil executives.
But big pharmaceuticals, including Roche ROG, -0.39% and AstraZeneca AZN, -1.37%, lost ground.
The broader concern is when the coronavirus outbreak will get under control and allow countries to reopen for business. Global new-case growth was 9%, the fourth consecutive day it has been under 10%, though U.S. growth was 14.2%, with Florida becoming the latest state to issue a shutdown.
In the worst-affected state, New York case growth was 10.3% as deaths jumped by nearly 30%, according to data compiled by Deutsche Bank.
Traders will be focused on initial jobless claims data due for 8:30 a.m. Eastern, after last week’s numbers spiked to 3.3 million.
Cruise operator Carnival CCL, -9.63% slumped 7%. Carnival priced the stock offering at $8 a share, vs. a close on Monday of $8.80. Carnival said it is decreasing its common stock offering to approximately $500 million from the previously announced $1.25 billion, while increasing its senior debt offering to $4 billion from the previously announced $3 billion. Carnival also is selling $1.75 billion in convertible notes.
Futures on the Dow Jones Industrial Average YM00, +1.73% rose nearly 400 points, after the worst-ever start to a quarter.
