European stocks drop slightly, Allfunds debuts

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April 23 (Reuters) – European stocks were on track for their first weekly loss in eight on Friday, as an increase in the number of coronavirus cases around the world offset strong earnings reports, while Allfunds, based in Madrid, jumped on its debut in the Amsterdam market.

The pan-European STOXX 600 slipped 0.3% at 7:10 a.m. GMT, on track for a weekly decline of nearly 1%.

Global market sentiment has also taken a hit following reports that US President Joe Biden is planning to raise taxes on the income of the rich, a proposal some have found difficult to pass in Congress. Fund distribution company Allfunds jumped more than 13% when it debuted on Euronext Amsterdam. The company said earlier that it had priced the initial public offering at € 11.50 per share, giving it a valuation of around € 7.2 billion. Car manufacturer Daimler AG rose 1.5% after raising its profit outlook for 2021, while luxury down jacket maker Moncler fell 6.2% despite a sharp increase in sales in the first quarter. await flash readings from the IHS Markit Purchasing Managers Index (PMI) for the eurozone and the UK, which could offer clues on the pace of the European economic recovery.

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