(RTTNews) – European markets finished higher on Wednesday, continuing gains from the previous session, on expectations World central banks will announce stimulus measures to offset the impact of the coronavirus on the global economy.
The US Federal Reserve cut interest rates by 50 basis points on Tuesday, almost two weeks before the scheduled monetary policy meeting.
A positive exposure to US stocks against the backdrop of big victories for former Vice President Joe Biden during Super Tuesday further strengthened the sentiment.
The pan-European Stoxx 600 gained 1.36%. Among the main indices, the FTSE 100 of the United Kingdom rose 1.45%, the German DAX by 1.19%, the French CAC 40 by 1.33% and the SMI of Switzerland by 1.63%.
Among other markets in Europe, Belgium, Denmark, Finland, Greece, Ireland, Italy, the Netherlands, Portugal, Russia, Spain, Sweden and Ukraine have finished in the lead.
Austria, the Czech Republic, Norway, Poland and Turkey closed weakly.
In the German market, Vonovia, Bayer, E.ON, Daimler, Henkel, Covestro, RWE and Muench.Rueckvers gained 2.5 to 4.7%. BMW, Allianz, Merck, BASF, Linde and Beiersdorf also finished sharply higher.
In France, Engie, Veolia Environnement, Sanofi, Orange, Carrefour, L’Oréal, Vivendi and Louis Vuitton increased by 2 to 5%, while Technip and Sodexo fell by 3.4% and 3.1% respectively. BNP Paribas finished down about 1.3%.
On the British market, Reckitt Benckiser gained almost 5.5%. Vodafone, Morrison Supermarkets, SSE and Astrazeneca increased by 4 to 4.5%.
In contrast, Rolls-Royce Holdings, TUI, Whitbread, International Consolidated Airlines Group and Ashtead Group lost 3 to 4.5%.
In economic news, a measure of business activity in the euro area rose at the fastest pace in six months in February. The IHS Markit Purchasing Managers’ Composite Index climbed to 51.6 from 51.3 in January. This corresponded to an earlier flash reading.
The UK economy grew at its fastest pace since September 2018 last month thanks to a jump in construction activity.
The IHS Markit / CIPS UK Purchasing Managers’ composite index rose to 53.0 in February from 52.8 in January, despite a slight drop in momentum in the major services and manufacturing sectors.
Retail sales in the euro area increased in January, reversing a decline the previous month, according to Eurostat data.
Retail trade sales rose 0.6% from December, while sales were down 1.1%. The monthly growth rate is in line with expectations.
Consumer prices in Switzerland fell for the first time in three months in February, the Federal Statistical Office said on Wednesday.
Consumer prices fell 0.1% on an annual basis, after increasing 0.2% each in December and January. Economists predicted that inflation would slow to 0.1%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
(RTTNews) – European markets finished higher on Wednesday, continuing gains from the previous session, on expectations World central banks will announce stimulus measures to offset the impact of the coronavirus on the global economy.
The US Federal Reserve cut interest rates by 50 basis points on Tuesday, almost two weeks before the scheduled monetary policy meeting.
A positive exposure to US stocks against the backdrop of big victories for former Vice President Joe Biden during Super Tuesday further strengthened the sentiment.
The pan-European Stoxx 600 gained 1.36%. Among the main indices, the FTSE 100 of the United Kingdom rose 1.45%, the German DAX by 1.19%, the French CAC 40 by 1.33% and the SMI of Switzerland by 1.63%.
Among other markets in Europe, Belgium, Denmark, Finland, Greece, Ireland, Italy, the Netherlands, Portugal, Russia, Spain, Sweden and Ukraine have finished in the lead.
Austria, the Czech Republic, Norway, Poland and Turkey closed weakly.
In the German market, Vonovia, Bayer, E.ON, Daimler, Henkel, Covestro, RWE and Muench.Rueckvers gained 2.5 to 4.7%. BMW, Allianz, Merck, BASF, Linde and Beiersdorf also finished sharply higher.
In France, Engie, Veolia Environnement, Sanofi, Orange, Carrefour, L’Oréal, Vivendi and Louis Vuitton increased by 2 to 5%, while Technip and Sodexo fell by 3.4% and 3.1% respectively. BNP Paribas finished down about 1.3%.
On the British market, Reckitt Benckiser gained almost 5.5%. Vodafone, Morrison Supermarkets, SSE and Astrazeneca increased by 4 to 4.5%.
In contrast, Rolls-Royce Holdings, TUI, Whitbread, International Consolidated Airlines Group and Ashtead Group lost 3 to 4.5%.
In economic news, a measure of business activity in the euro area rose at the fastest pace in six months in February. The IHS Markit Purchasing Managers’ Composite Index climbed to 51.6 from 51.3 in January. This corresponded to an earlier flash reading.
The UK economy grew at its fastest pace since September 2018 last month thanks to a jump in construction activity.
The IHS Markit / CIPS UK Purchasing Managers’ composite index rose to 53.0 in February from 52.8 in January, despite a slight drop in momentum in the major services and manufacturing sectors.
Retail sales in the euro area increased in January, reversing a decline the previous month, according to Eurostat data.
Retail trade sales rose 0.6% from December, while sales were down 1.1%. The monthly growth rate is in line with expectations.
Consumer prices in Switzerland fell for the first time in three months in February, the Federal Statistical Office said on Wednesday.
Consumer prices fell 0.1% on an annual basis, after increasing 0.2% each in December and January. Economists predicted that inflation would slow to 0.1%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.