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* STOXX on course for weekly dip
* Allfunds jumps 16% on market debut
* PMIs fail to spur big moves in indexes
* Moncler falls as Q1 sales fall below year-ago number (Adds comment, updates prices)
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 Madrid-based Allfunds jumped in its Amsterdam market debut.
The pan-European 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 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.
“We’ve 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 month’s underwhelming Deliveroo listing.
Mercedes-Benz 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 first-quarter sales that were a touch lower than the year-earlier quarter.
About 10% of the STOXX 600 companies have reported so far, and 67% of them have topped profit expectations, according to Refinitiv data. On an average, 51% beat analysts’ estimates for quarterly profit.
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.
IHS Markit’s flash Composite Purchasing Managers’ index, seen as a guide to economic health, rose to a nine-month high of 53.7 from March’s 53.2.
Italian luxury goods group Tod’s jumped 8.5% after France’s LVMH agreed to increase its stake in the company to 10%.
French media giant Vivendi rose 3.4% as strong performance at its music unit Universal and a sales jump at its publishing division helped its quarterly revenue grow. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)
