European stocks continue to rise for second straight day

Economies.com
2020-06-17 12:07PM UTC

European stocks rose on Wednesday, extending gains for the second day, thanks to improved market sentiment about a quick economic recovery from the downturn caused by the coronavirus impact, which overshadowed the escalating global geopolitical tensions.

 

The Stoxx Europe 600 index rose 0.9% as of 11:35 GMT, after closing higher by 2.9% yesterday, posting the largest daily gain in a month, after the US Fed's announcement of new stimulus measures.

 

The pan European index opened higher today, for the second straight session, with most European markets and sectors seeing green today.

 

The construction sector saw the largest gains in Europe today, rising by 1.5%, as most of the sectors' shares rose.

 

Market's hopes are still strong about a quick economic recovery from the downturn caused by the coronavirus impact, especially after the recent announcements of new stimulus measures in Europe.

 

Sentiment is also high thanks to good news that Oxford University researchers' confirmed that the widely available Dexamethasone drug has been proven to reduce coronavirus-related deaths.

 

Investors are also monitoring the global scene, especially the large-scale geopolitical tensions that intensified this week, after clashes on a disputed India-China border, and escalating tensions between North and Southern Korea.

 

S&P 500 futures rose 0.75%, after the index closed higher by 1.9% yesterday at Wall Street, posting its third straight daily gain.

 

Back to Europe, the Euro Stoxx 50 index rose 0.9%, France's CAC 40 climbed 1.2%, Germany's DAX rose 0.7%, and the UK's FTSE 100 rose 0.6%.

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