Vodafone Group shares surge after maintaining dividend
European stocks rebounded on Tuesday amid data showing new coronavirus cases slowed, while two of Europe’s largest steelmakers skidded as demand deteriorates.
The Stoxx Europe 600 SXXP, +0.25% traded 0.1% higher.
Stocks fell on Monday on worries over a worldwide pickup in the growth rate of coronavirus as South Korea tried to curtail a second wave.
The worldwide new-virus growth rate, however, slowed down to 1.8% from 2.9%, according to Deutsche Bank-compiled data.
Based on Google mobility data, the Deutsche Bank analysts say North Asia, the Nordics, Australia, Eastern Europe and the U.S. are the most open economies now. The eurozone members trail, with Spain, Portugal, France and Italy among the most shut.
Thyssenkrupp TKA, -16.27%, a German industrial conglomerate and that country’s biggest steelmaker, fell 11% after it reported a widening and worse-than-forecast loss for its fiscal second quarter as sales from continuing operations fell 6% and orders dropped 10%. It said a fiscal third-quarter operating loss of “€1 billion cannot be ruled out.”
ArcelorMittal MT, -5.49% shares fell 3% as the world’s leading steelmaker priced $2 billion of convertible bonds and stocks, after last week reporting a $1.1 billion quarterly loss and suspending its dividend.
Of other stocks on the move, ProSiebenSat.1 Media PSM, +8.57% shares climbed 9% as private-equity investor KKR built a 5.2% stake in the German broadcaster.
Vodafone Group VOD, +8.74% VOD, +6.49% shares climbed 8% — propelling the FTSE UKX, +0.92% — as Europe’s leading mobile operator swung to a profit for the March 31-ending fiscal year and it said the current year’s adjusted operating profit may be flat to slightly down. Vodafone kept its dividend payment steady as its financial leverage of 2.8 net debt-to-adjusted earnings before interest, taxes, depreciation, and amortization was within its target of 2.5 to 3.
Futures on the Dow Jones Industrial Average YM00, 0.15% slipped 47 points.