The main European indices finished both the day and the month with strong gains, with the investment mood appearing strengthened against the backdrop of corporate results and macroeconomic figures.
In particular, the pan-European Stoxx 600 closed up 1.3% at 438.3 points, with the energy sector rallying 2.9% and most of the index’s sectors in positive territory, with the exception of health care which fell by 0.4%.
On a month-to-month basis, the Stoxx 600 gained 6.3% in July as a whole, marking its best monthly performance since November 2020.
In individual European charts, Germany’s DAX finished trading today +1.5% at 13,484 points, France’s CAC 40 jumped 1.7% to 6,448 points, as did Britain’s FTSE 100 which gained 1% to close at 7,423 units.
In the region, the IBEX 35 in Spain finished up 0.9% at 8,156 points, while the day’s performance was in Italy with the FTSE MIB closing at 22,405 points +2.15%.
The Spanish Allfunds Group moved to the top of the charts today with a 17% rally after the strong quarterly results it announced.
In contrast, the Netherlands’ Signify plunged almost 12% after its own.
On the macroeconomic front, data released today by Eurostat showed that the Eurozone economy continued to expand in the second quarter of 2022, despite strong pressures from the energy crisis and a rally in inflation.
In particular, in the second quarter the GDP of the Eurozone increased by 0.7% compared to the previous one, surpassing the estimates of analysts who spoke of a growth of only 0.2% in a Bloomberg poll.
Figures announced by France, Italy and Spain on the course of GDP in the second quarter also exceeded analysts’ estimates, while on the other hand the German economy, the largest in the Eurozone, failed to confirm forecasts by remaining stagnant in the second quarter.
Conversely, however, the price rally continued in July as inflation continues to gain momentum from the unprecedented jump in energy costs.
According to the initial estimate, annual inflation is expected to climb to 8.9% in July from 8.6% in June.
Source: Capital
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