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European Stocks on Course for First Weekly Drop in Eight

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April 23 Reuters European stocks were on track for their first weekly loss in eight on Friday as a surge in global coronavirus cases offset optimism about a strong earnings season, while Madridbased Allfunds jumped in its Amsterdam market debut.

The panEuropean STOXX 600 slipped 0.2 and was on course for a 0.8 weekly drop.

Global market 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.

Meanwhile, India reported the worlds 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.

Weve 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.

Spanish fund distribution firm Allfunds jumped over 18 in its first day of trading, boosting an IPO market dented by last months underwhelming Deliveroo listing.

MercedesBenz car maker Daimler AG inched up 0.3 after raising its profit outlook for 2021, while luxury puffer jacket maker Moncler fell 6.6 after reporting firstquarter sales that were a touch lower than the yearearlier quarter.

About 10 of the STOXX 600 companies have reported so far, and 67 of them have topped…

AsiaPacific shares struggle for direction in mixed trading day

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