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28.09.2020 05:06 PM
European Equity Markets Fail

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The overall index of major industries in the Stoxx Europe 600 fell 0.1% to 355.51 points. The indicator lost 3.7% over the previous week which is the maximum weekly drop since mid-June. Germany's most important stock index, the DAX, fell 1.09%, France's CAC 40 lost 0.69%, Italy's FTSE MIB lost 1.1%, and Spain's IBEX 35 lost 0.23%. In this sector, only the most influential stock market indicator in Europe which is the FTSE 100 London stock index, showed a rise of 0.34%.

It is obvious that market participants are showing some caution, also paying attention to the situation with continuous coronavirus outbreak. Investors are paying close attention to the possibility of taking additional measures to change the US economy in the circumstances of the pandemic. Analysts at Goldman Sachs Group Inc., and JPMorgan Chase & Co. predict low US GDP growth in the fourth quarter.

During a regular hearing in the Committee of the Congress, Fed Chair Jerome Powell stated that the intensification of budget spending brings the achievement of goals in the field of employment and inflation sustainability closer.

The consumer confidence index in the UK managed to climb 2 points this month compared to the previous month. This indicator determines the degree of optimism regarding the state of the economy. The indicator is expressed through the consumption and savings of the population. Despite the newly increasing growth of COVID-19 cases, the value of this index has noticeably improved its position. However, Monday's figure is clearly below pre-crisis levels. At the end of May, the index risked falling to its lowest level for the first time in 11 years by 36 points, while at the beginning of March the index held a position less than 9 points.

BMW shares were down 2.6% on Friday, shares in British insurance company Aviva Plc were 0.3% more expensive, and Electrolux shares rose 2.9%.

Andreeva Natalya,
Analytical expert of InstaForex
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