European stock markets are moving upwards on Thursday as investors continue to watch the escalation of the coronavirus crisis on the continent and political developments in Germany.
On the board, the pan-European Stoxx 600 index rose 0.5% to 481.94 points.
The German DAX also strengthened 0.5% to 15,951.87 points, the French CAC-40 gained 0.45% to 7,073.64 points, while the British FTSE 100 moved with small gains of 0.1% to 7,294.43 points.
In the region, the Italian FTSE MIB rose 0.6%, while the Spanish IBEX-35 gained 0.2%.
In Germany, the new ruling coalition of Social Democrats, Greens and Liberals was announced on Wednesday, ending the political uncertainty of previous weeks.
Under the deal, former Finance Minister Olaf Scholz will take over as chancellor, replacing Angela Merkel in early December.
The focus remains on the evolution of the pandemic in Europe, with many countries launching severe restrictions in recent days or returning to universal lockdowns amid new record cases. Italy also announced new measures on Wednesday night, while in Germany the possibility of a new lockdown was considered, with the government finally adopting a wait-and-see attitude to see if the stricter restrictions will help alleviate the pressure on the system.
At the end of the day, German GDP grew by 1.7% in the third quarter from the previous quarter, slightly losing analysts’ estimates.
The German GfK consumer confidence index also showed that the inflation rally and the Covid-19 case jump have recently weighed on consumer confidence. The survey fell to -1.6 from the revised 1.0 in November.
It is noted that Wall Street will be closed today due to the Thanksgiving holiday. It will reopen on Friday, for fewer hours than normal however due to Black Friday.
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