European stocks rise on Thursday after the announcement €750bn recovery plan
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European stocks rise on Thursday after the announcement €750bn recovery plan
Stocks in Europe rose on Thursday despite growing tensions between the US and China and the approval of a controversial Hong Kong national security law.
The ascent came in the wake of the announcement on Wednesday of the European Commission’s €750bn (£657bn) recovery plan, which will see countries in the bloc jointly issue debt on financial markets for the first time.
The pan-European STOXX 600 index (^STOXX) rose by around 0.8%, London’s FTSE 100 (^FTSE) climbed by around 0.7%, Germany’s DAX (^GDAXI) was up by around 0.6%, while France’s CAC 40 (^FCHI) was 0.7% in the green.
“While markets have reacted as if this is a significant moment for Europe, the sums involved are tiny in the overall scheme of things, given the scale of the economic shock, particularly since none of the money will be available immediately,” said Michael Hewson, the chief market analyst at CMC Markets UK.
“There is also the prospect that the stated sums will probably get watered down, and even if it is delivered will probably be so small as to be completely insignificant.”
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