European stocks rose for the fourth week in a row today, as investors overlooked the virus’s damage in the near term and pinned themselves on hope for a rapid economic recovery next year, while Spanish bank BBVA rose after ending merger talks with Banco Sabadell.
The pan-European STOXX 600 index closed up 0.4 percent, and its weekly gain reached 0.93 percent, led by technology companies and banks ‘shares, led by the rise of technology companies and banks for today’s session, and energy companies’ shares throughout the week thanks to high oil prices.
BPVA rose 4.2 percent and was one of the biggest gainers on the benchmark, while Sabadell shares fell 13 percent, as the failure of the merger is expected to put pressure on the bank, which is believed to be the weakest link in a potential deal.
The two banks were mulling a deal to set up Spain’s second largest domestic bank.
“Investors’ view has gone beyond short-term risks to place their bets on faster economic growth next year and to increase speculation on the market’s rally even at the slightest easing of restrictions, with expectations of more stimulus if conditions worsen, “said Michael Baker, analyst at ITX Capital.
The Stokes 600 rose by 40 percent since its decline caused by the Corona crisis in March, and the current month is heading to become its best ever, but the growing virus infections in some European countries are holding back the gains.
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