European stocks rebound from 4-week lows on US stimulus hopes

2020-10-23 11:44:04 GMT (Economies.com)
European stocks rebound from 4-week lows on US stimulus hopes

European stocks rose on Friday, to rebound from the 4-week low that was hit yesterday, on the cusp of the first gain in 5 days, thanks to improved risk appetite and hopes about the US fiscal stimulus.

 

The Stoxx Europe 600 index rose over 1.2% as of 10:45 GMT, after it closed lower by 0.1% yesterday and posted the lowest level since September 25 at 356.43 points.

 

The pan European index opened higher today, to rebound from the 4-week low that was hit yesterday, on the cusp of the first gain in 5 days, with most of the major European markets and sectors seeing green today.

 

The banking sector saw the largest gains in Europe today, rising over 3%, after better-than-expected Q3 earning reports by some major banks.

 

US House of Representatives Speaker Nancy Pelosi stated that progress she and Treasury Secretary Steven Mnuchin were "just about there" on reaching the second Covid-19 stimulus deal.

 

This raised hopes about passing the second fiscal stimulus package in the US Congress before the next presidential elections in November.

 

The British government and the European Union intensified their daily negotiations on Thursday in order to secure a post-Brexit trade agreement in early January.

 

S&P 500 futures rose over 0.25%, after the index closed higher by 0.5% yesterday at Wall Street, on improved market sentiment.

 

Back to Europe, the Euro Stoxx 50 index added 1.3%, France's CAC 40 rose 1.6%, Germany's DAX added 1.25%, and the UK's FTSE 100 rose 1.7%.

 
 
 
  Symbol Last Change Chg.%
1.1906
0.0012
0.1026%
1.3375
-0.0008
0.0602%
Tadawul
8688.76
21.04
0.24%
23.358
-0.688
2.859%
45.510
2.685
6.270%
48.15
0.30
0.63%
1810.540
-55.970
2.999%
 
 
US
 
Europe
 
Asia