Europe is recovering from its worst day in three weeks and accelerating towards gains
Major markets in Western Europe opened the weekly trading on positive ground, as investors look forward to the companies’ quarterly income statements. It comes after the benchmark Stoxx 600 index posted its worst day in three weeks on Friday, pressured by the technology sector, which fell more than 2%.
The main index of the old continent rose 0.76% to 439.04 points, with all sectors trading in the green. The oil and gas sector recorded the largest gains, followed by the mining and utilities sector (water, electricity and gas). On the other hand, the Food, Media and Communications sectors registered a rise below 0.5%.
“Markets have proven resilient in recent weeks,” explains Estee Dweck, an analyst at Flowbank for Bloomberg. “Europe continues to surprise to the upside, but the growth outlook remains negative, indicating that the recent good performance is unlikely to continue until the end of the year.”
Among the major indices in Western Europe, the German Dax Index rose 0.98%, the Spanish IBEX 35 Index increased 0.91%, the French CAC-40 Index and the Dutch AEX Index increased 0.71%. Britain’s FTSE 100 rose 0.61% and Portugal’s PSI jumped 0.74%.
Italy’s FTSEMIB index rose 0.81%, even after rating agency Moody’s cut its “forecast” for the country’s economic growth.
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