On Thursday, the 8th of August 2019, a basket of European shares witnessed their biggest intra-day gain in more than two months, as Thursday’s (August 8th) upbeat trade data from China eased global slowdown concerns alongside impacts of a protracted Sino-US trade war entering into its second year.
On top of that, People’s Bank of China’s (China’s Central Bank) effort to steady its currency headed off some frets of a recession, meanwhile wiped out a kaput outlook in most of the European bourses. Besides, followed by release of Thursday’s (August 8th) China export data, which surprised many money markets across the world with an unprecedented surge despite tariff warfare, the regional Pan-European STOXX 600 posted gains for second straight day, closing the day with an upsurge of 1.7 percent.
Adding that Thursday’s (August 8th) robust gain of more than 1 percent in most of the European stock exchanges, was almost entirely catalyzed by a stable Chinese currency, a managing partner at VM Markets, Stephen Innes said, “Today’s fixing is a message the People’s Bank of China has no definitive line in the sand but are only allowing the yuan to weaken on their terms and at a reasonable pace to mitigate possible outflows.
So, the fear of rapid depreciation is fading. ” Quoting statistics, on Thursday’s (August 8th) market closure, London’s FTSE 100 surged 1.21 percent to 7,285.90 and Frankfurt’s trade-sensitive DAX witnessed a splash of more than 1.70 percent to settle down at 11,845.41, while leading the charges of European indices, French CAC 40 soared 2.31 percent to 5,387.96 on Thursday’s (August 8th) market round off.
Elsewhere in Europe, Madrid’s IBEX 35 added 1.41 percent to 8,869.00, while Italy’s FTSE MIB rose 1.47 percent to 20,841.15 on Thursday’s (August 8th) market wind down.