“It is a welcome relief that things are less bad than feared as pricing is positive and volumes are not a disaster,” Mark Taylor, a sales trader at Mirabaud Securities wrote about Unilever’s report.
European stocks broke this week’s winning run on Wednesday after the United States abruptly told China to close its consulate in Houston amid accusations of spying, escalating tensions between the world’s two biggest economies. “While we continue to watch how the situation evolves, and expect China to announce its official retaliation measures soon, we lean towards a restrained tension escalation,” Citi analysts wrote in a note.
The STOXX 600 is on track to end with weekly gains as hopes of a COVID-19 vaccine and optimism around a European Union recovery fund pushed the benchmark index to early March highs. Publicis Groupe SA , the world’s third-biggest advertising company, surged 15.5% after it beat market expectations for underlying sales in the second quarter.
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