American stimulus hopes raise global stock indices – economic – the...

American stimulus hopes raise global stock indices – economic – the...
American stimulus hopes raise global stock indices – economic – the...
(MENAFN – Al-Bayan) Date: October 10, 2020 Global stocks achieved mixed gains during trading yesterday, as US stock indices rose on Wall Street thanks to the optimism of stimulus, and positive expectations for Pandora and Novo Nordisk supported the gains in European shares, and Japan’s shares achieved the largest weekly gain in two months.

The main indexes on Wall Street rose at the open, putting the S&P 500 and Dow Jones on track for their second consecutive weekly gain, thanks to hopes of more financial aid and growing expectations of a Democratic victory in next month’s presidential election.

The Dow Jones Industrial Average rose 108.10 points, or 0.38%, to 28,533.61 points.

The S&P 500 index rose by 12.84 points, or 0.37%, to 3459.67 points, while the Nasdaq Composite Index increased 66.62 points, or 0.58%, to 11,487.60 points.

Positive outlook

European stocks recorded the second consecutive weekly gain, as positive expectations from Pandora and Novo Nordisk gave the Danish side a more optimistic character to the earnings season, as investors’ eyes continued to turn to indications of a new US stimulus.

The pan-European STOXX 600 closed 0.6% higher, ending the week with a 2.1% gain.

And global stocks won this week on the support of growing expectations that the Democratic Party will win the US elections next month, which raised hopes for more economic stimulus there.

In Europe, local markets have been boosted by a series of mergers and acquisitions, as well as recovery of stricken sectors such as travel, entertainment, banking, and oil and gas.

Shares of aircraft engine maker Rolls-Royce have nearly doubled in value since Monday, while British Airways’ owner IAG jumped 13.2%.

Pandora jewelery maker rose 17.2%, topping STCOS 600 after it raised its earnings outlook on the back of an increase in sales and a big boost to its online selling business.

Pharmaceutical maker Novo Nordisk added 3.3% after it raised its sales and operating profit forecasts for 2020.

A weekly gain

Japanese stocks achieved their biggest weekly gain in two months, thanks to hopes for more stimulus in the United States, although some investors are skeptical about the prospects of reaching an agreement in this regard before the US presidential elections.

The Nikkei closed 0.12% down at 23,619.69 yesterday. During the week, the index advanced 2.6%, the biggest gain since the week ending August 14th.

The broader Topix index fell 0.49% to 1647.38 points. During the week, Topix rose 2.4%.

US President Donald said that talks with Congress about stimulus to confront the repercussions of the Corona virus have resumed. The president abruptly ended the talks earlier this week.

But House Speaker Nancy Pelosi, who belongs to the Democratic Party, has played down the prospect of independent bills, and relations between the Republican and Democratic political parties are likely to become more tense as the presidential elections approach, a subject of intense contention on November 3.

Pushing force

The American economy is suffering in light of the high incidence of the emerging coronavirus, and it is sure to lose momentum in the absence of new stimulus, which threatens the Japanese export sector.

Mitsubishi Motors was the largest percentage loser in the Nikkei, down 4.2%, followed by Takashimaya, which lost 4.22%, and JGC Holdings, which fell 3.55%.

14 stocks advanced on the Nikkei, compared to a decline of 179.

4.33

Euronext and the London Stock Exchange said yesterday that Euronext will buy an Italian stock exchange from the London Stock Exchange for 4.33 billion euros ($ 5.09 billion) in cash, in a major expansion of the European trading platforms network of the French stock exchange operator. The London Stock Exchange entered into exclusive talks with Euronext last month after the company that owns the Paris Stock Exchange eliminated Deutsche Börse’s rival and Swiss rival SIX.

The London Stock Exchange is selling the Italian Bourse as part of regulatory measures to complete the purchase of data provider Refinitiv for $ 27 billion. Refinitiv is 45% owned by Thomson Reuters. (Paris – London – Reuters)

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