European stock exchanges positive about corona treatment

European stock exchanges positive about corona treatment
European stock exchanges positive about corona treatment

(ABM FN-Dow Jones) The stock markets in Europe ended in green on Friday. The STOXX Europe 600 index closed 0.6 percent in the plus at 362.50 points, the German DAX closed 0.8 percent higher at 12,645.75 points, for the French CAC 40 a plus remained at a close of 4,909.64 points. of 1.2 percent and the UK FTSE 100 rose 1.3 percent to 5,860.28 points.

According to market analyst David Madden of CMC Markets, the mood in Europe was positive after the announcement that Gilead’s remdesivir is approved in the United States as a corona treatment.

This ends a mediocre week for the European equity markets with some sparkle.

“For much of the week, investors were concerned about the corona crisis and new restrictions [om het virus in te dammen] plus a lack of new stimulus in the US, ”said Madden.

On a macroeconomic front, it was announced on Friday that the composite purchasing managers index for the eurozone fell from 50.4 in September to 49.4 last month, the lowest level in four months. The decrease was mainly caused by a contraction in the services sector.

According to Markit’s Chris Williamson, the eurozone is at risk of a new strong contraction now that there is a second corona wave.

“The likelihood of another recession puts even greater pressure on the ECB to deploy more stimulus measures and on national governments to mitigate the impact of lockdown measures,” Williamson said.

“The further decline in the Eurozone composite PMI in October confirms that the second wave of corona infections and the tightened measures are placing a heavy burden on the economy,” said Ima Sammani, currency analyst at Monex Europe.

The bright spot in today’s data was Germany, according to Sammani.

“This is in line with the virus picture. Daily infections in France are growing fast and the French government has tightened up the measures considerably. The second virus wave in Germany, on the other hand, appeared considerably later.”

The euro / dollar was trading around the European close at 1.1837. Oil became about half a percent cheaper.

Company news

ABN AMRO received a buy recommendation from Goldman Sachs and rose 2.8 percent. Other financials also went higher. ING won 2.2 percent and Deutsche Bank rose 2.5 percent. Société Générale closed the day 1.9 percent in the plus. Barclays even gained 7.0 percent after strong quarterly figures.

Airbus stock rose 5.6 percent in value on Friday, after the airline company allegedly asked suppliers to prepare for a possible increase in production of its A320 aircraft, with the company citing an increase of 18 percent for the second half of 2021 .

Renault posted less sales in the third quarter of 2020. The stock closed 0.5 percent in the min. Rival Daimler published quarterly figures equal to previously released preliminary results and increased the outlook for 2020. The stock closed 1.0 percent higher.

The group of activist shareholders in Unibail-Rodamco-Westfield recently increased their stakes in the ailing real estate fund, but they don’t want to take a controlling stake. The stock ended 0.4 percent higher on Friday.

L’Oreal recovered in the third quarter. This became apparent on Thursday from a quarterly update from the cosmetics giant. The share rose 1.2 percent.

Michelin has raised expectations for 2020. This became apparent on Thursday evening from a quarterly update from the French tire manufacturer. The stock closed 3.7 percent higher.

Wall Street

The American stock markets were lower around the European close on Friday.

ABM Financial News; [email protected]; Redactie: +31(0)20 26 28 999.

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