European shares post best weekly gain since 2011 over further EU stimulus

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European shares post best weekly gain since 2011 over further EU stimulus

On Thursday, the 9th of April 2020, a slew of European stock indices had stretched their recent round of gaining streaks in to the fourth straight day, as investors’ sentiment appeared to be in a propped up position following signals that the pandemic had reached its peak in Europe earlier this month and would likely to hit a threshold in the United states by the next week.

Apart from that, a latest round of fiscal stimulus from the US Federal Reserve that involved purchases of junk bonds, had also ramped up optimism among the European investors over another stimulus package from Brussels. Besides, as sentiments were lifted higher in major European markets by a sharp drop in new cases of the pandemic alongside an early instrumentation of US Fed’s $2.3 trillion in fiscal aid, the regional pan-European STOXX 600 ended up the day 1.6 per cent higher and closed down the holiday shortened week 7.4 per cent higher, the index’s best weekly performance since 2011.

Citing statistics, on Thursday’s (April 9th) European market closure, London’s FTSE 100 gained 2.90 per cent to 5,842.66, Frankfurt’s DAX jumped 2.24 per cent to 10,564.74, while the French benchmark CAC 40 rose by 1.44 per cent to 4,506.85.

Elsewhere in the Europe, Madrid’s IBEX 35 added 1.71 per cent to 7,070.60, while Italy’s benchmark FTSE MIB rounded off the day 1.39 per cent higher to 17,621.62.