European stocks inch lower, Allfunds jumps in debut

Global market sentiment also took a knocking following reports U.S. President Joe Biden planned to raise income taxes on the wealthy, a proposal some said would be hard to pass in Congress. Spanish fund distribution firm Allfunds jumped over 13% in its debut on Euronext Amsterdam.

European stocks were on track for their first weekly loss in eight on Friday as a surge in global coronavirus cases offset strong earnings reports, while Madrid-based Allfunds jumped in its Amsterdam market debut.

The pan-European STOXX 600 slipped 0.3% by 0710 GMT, on course for a near 1% weekly drop. Global market sentiment also took a knocking following reports U.S. President Joe Biden planned to raise income taxes on the wealthy, a proposal some said would be hard to pass in Congress.

Spanish fund distribution firm Allfunds jumped over 13% in its debut on Euronext Amsterdam. The company said earlier it had priced the initial public offering at 11.50 euros per share, giving it a valuation of about 7.2 billion euros. Mercedes-Benz car maker Daimler AG rose 1.5% after raising its profit outlook for 2021, while luxury puffer jacket maker Moncler fell 6.2% despite posting a strong increase in first-quarter sales.

Investors are awaiting the flash readings of IHS Markit's April Purchasing Managers' Index (PMI) for the euro zone and the UK, which could offer clues on the pace of European economic recovery.

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