European stocks jump to 8-month high as Euro drops

2019-04-18 13:17:10 GMT (
European stocks jump to 8-month high as Euro drops

The European shares jumped on Thursday morning to an 8-month high, extending gains for a seventh consecutive session, based on the Euro's decline against a basket of currencies, following weak data on Europe's industrial sectors, which increased the possibility that the European Central Bank may expand the flexible monetary policy to counter the  Economic growth's slowdown in the Eurozone.


Stoxx Europe 600 rose to 0.3% at 10:41 GMT, its highest level since August, as it ended yesterday's session up 0.1%, the sixth daily gain in a row, after positive Chinese data.


The Index rose Thursday morning to continue its gains for a seventh session in a row, reaching its highest level in eight months, with most of the major markets and sectors in the positive region.


Meanwhile, Euro fell to its lowest level in a week against the US dollar, which boosted the export companies stocks rise, especially the shares of automakers, as these companies rely on the weakness of the currency to increase its foreign sales.


The Euro's decline comes after weak data in Europe showed that Germany's manufacturing sector continued to contract for the fourth month in a row in April as well as the contraction of the European manufacturing sector for the third consecutive month.


Indicating that the sharp fall in the European economic growth path was not temporary and that the economy is likely to enter a long recession, which could force the ECB to expand its flexible monetary policy.


While Standard & Poor's 500 futures fell more than 0.2%, as the index ended yesterday's session on Wall Street down 0.2%, on corrections and profit-taking of  the highest level in six months.


Euro Stoxx 50 rose 0.4%. while In France, the CAC 40 rose by 0.3% and in Germany DAX added more than 0.5% to top the list of winning markets in Europe.


In London, FTSE 100 index fell by 0.1%, unlike the trend in Europe as mining and core resources companies continued to perform poorly.

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