Third day of gains in the European markets

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For the third consecutive day, the European markets closed with a positive sign in the climate of optimism created by China’s announcements that it relaxes the restrictions on Covid-19 and reduces the quarantine time for travelers from abroad.

On the board, the pan-European Stoxx 600 index rose 0.3% to 416.19 points. The oil and gas sector gained 2% amid reports that Saudi Arabia and the United Arab Emirates are unable to significantly increase their production.

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The German DAX gained 0.35% to 13,231.82 points, the French CAC 40 strengthened 0.6% to 6,086.02 points, while the British FTSE 100 climbed 0.9% to 7,323.41 points.

In the region, the Italian FTSE MIB strengthened 0.8%, while the Spanish IBEX 35 gained 0.9%.

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In China, authorities announced that quarantine time would be reduced to seven days for visitors from abroad, with another three days then at home. This is the latest move in easing the restrictive measures that have hit the world’s second-largest economy hard in recent months. Expectations for strengthening demand also led to strong gains in the raw materials sector with the relevant index gaining 1.2%.

Meanwhile, with the European Central Bank heading for its first rate hike in more than a decade next month, the bank’s president, Christine Lagarde, said today that it would move gradually. [στη σύσφιξη της πολιτικής]but with the choice to take decisive action if it finds a deterioration of conditions.

The ECB will go “as far as necessary” to fight “excessively high” inflation, which is expected to remain high “for some time to come”, the ECB chief said.

Source: Capital

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