* Allfunds jumps 20% on market debut
* PMIs fail to spur big moves in indexes
* Moncler falls as Q1 sales lag peers (Updates to close)
By Sruthi Shankar
April 23 (Reuters) - European stocks marked their first weekly loss in eight on Friday as a surge in global coronavirus cases offset optimism about a strong earnings season, while Madrid-based Allfunds jumped on its Amsterdam market debut.
The pan-European STOXX 600 .STOXX slipped 0.2% and was on course for a 0.8% weekly drop. Defensive plays such as the healthcare sector and consumer stocks were among the biggest decliners, while surging commodity prices lifted miners .SXPP .
Sentiment was hit following reports on Thursday that U.S. President Joe Biden planned to raise income taxes on the wealthy, a proposal some said would be hard to pass in Congress. India reported the world's highest daily tally of coronavirus cases for a second day and Japan was set to declare "short and powerful" states of emergency for Tokyo, Osaka and two other prefectures as the country struggles to contain a resurgent pandemic. fears of a third wave of infection in many parts of the world. That is going to keep acting as a drag on how far indexes will grow," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown (LON: HRGV ).
Meanwhile, Spanish fund distribution firm Allfunds ALLFG.AS jumped more than 20.4% on its first day of trading, boosting an IPO market dented by last month's underwhelming Deliveroo listing. puffer jacket maker Moncler MONC.MI fell 4% after reporting first-quarter sales that were a touch lower than the year-earlier quarter and lagging peers. 10% of STOXX 600 companies have reported so far, and 67% of them have topped profit expectations, according to Refinitiv data.
Major regional indexes barely moved after a survey showed the euro zone's recovery from the pandemic-led economic downturn was much stronger than expected in April. luxury goods group Tod's TOD.MI jumped 11.4% after France's LVMH LVMH.PA agreed to increase its stake in the company to 10%. media giant Vivendi VIV.PA rose 2.8% as strong performance at its music unit Universal and a sales jump at its publishing division helped its quarterly revenue grow. results from Finnish firms Metso Outotec MOCORP.HE and Wartsila WRT1V.HE , and Paris-listed Groupe SEB SEBF.PA saw them top the STOXX 600.
Shares in hygiene products group Essity ESSITYb.ST slumped after JP Morgan said its first quarter results were a miss across the board.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.