European stocks jump to 3-month high after huge monetary stimulus

Economies.com
2020-06-05 11:17AM UTC

European stocks jumped to 3-month high on Friday, to resume gains after pausing yesterday, and head for the third straight weekly gain, on strong market sentiment after the ECB decision expand the emergency stimulus program, within its attempts to ease the coronavirus impact. 

 

The Stoxx Europe 600 index rose 1.1% as of 10:45 GMT, hitting the highest level since March 6 at 369.84 points, after it closed lower by 0.2% yesterday and posted the first daily loss in 4 days.

 

The pan European index opened higher today, to resume gains after pausing yesterday, and hit its 3-month high, with most European markets and sectors seeing green today.

 

The index has gained more than 5% so far during this week, to head for the third weekly gain in a row, on hopes about a quick global economic recovery from the coronavirus impact.

 

These gains were also based on the European Central Bank decision to extend the pandemic emergency bond-purchase program by €600 billion, to a total of €1.350 trillion per month until the end of 2022, higher than forecasts of €500 billion.

 

S&P 500 futures rose 1%, hitting the highest level since February, after the index closed lower by 0.3% yesterday at Wall Street, posting its first daily loss on profit-taking.

 

Back to Europe, the Euro Stoxx 50 index rose 1.6%, France's CAC 40 rose 1.7%, Germany's DAX added 1.4%, and the UK's FTSE 100 rose 1.1%. 

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