European Stocks on Track of Posting Their First Weekly Loss in 8 Weeks

European stocks are on the path of incurring their first weekly loss in eight weeks on Friday, April 23, as a surge in global coronavirus infections dashed the impact of strong earnings reports, while Madrid-based Olfendes shares jumped in its first trade in the Amsterdam market.

The European Stoxx600 index was down 0.3% and is heading for a weekly decline of 1%.

Global market sentiment took a hit following reports that US President Joe Biden plans to raise the tax on the income of the wealthy, a proposal some say would be difficult to pass in Congress.

Spanish fund distributor Olfendes jumped more than 13% in its first trading session on the Euronext exchange in Amsterdam. The company said earlier it had set its initial public offering (IPO) pricing at 11.50 euros per share, giving it a valuation of around 7.2 billion euros.

Mercedes-Benz car maker Daimler rose 1.5% after the company raised its 2021 earnings forecast, while luxury jacket maker Monclair fell 6.2% despite a strong increase in first-quarter sales.