Europe Markets: Stocks in Europe climb on economic optimism

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European stocks advanced on Tuesday, getting a lift on hopes the economy will continue to recover without a spate of new virus cases throwing lockdown easing measures off course.

The Stoxx Europe 600 SXXP, +1.23% advanced 1.4%, with banks including Banco SAN, +4.15% nd HSBC Holdings HSBA, +0.93% leading the index higher.

The German DAX DAX, +2.04% , French CAC 40 PX1, +1.40% and the U.K. FTSE UKX, +0.80%

Futures on the Dow Jones Industrial Average YM00, +0.62% rose 223 points, after briefly getting knocked by comments by White House trade advisor Peter Navarro on the U.S.-China trade deal that he later walked back. The Dow Jones Industrial Average DJIA, +0.59% ended Monday with a 153-point gain.

Navarro and President Donald Trump’s insistence that the trade deal was still in place put the focus back on the economy. The U.K. government is expected on Tuesday to outline further easing measures.

Purchasing managers indexes also pointed to an economy moving past its worst. The flash eurozone composite purchasing managers index rose to a 4-month high of 47.5 in June from 31.9 in May, Markit said Tuesday, though the figure was still below the 50-mark indicating deteriorating conditions. It did beat the 42.0 FactSet-compiled economist forecast.

Of stocks on the move, Hikma Pharmaceuticals HIK, -7.25% slumped 8% as the company bought back 12.8 million shares of the 27.2 million shares Boehringer Ingelheim sold.

Wirecard WDI, +23.58% rose for the first time since it revealed a 1.8 billion euros of missing cash on its balance sheet that it now concedes probably never existed in the first place, climbing 16%. The Munich prosecutor said the former chief executive, Markus Braun, has been detained.

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