Respite in Europe: rebound of the main stock indices

September 23, 2020 14:30

The main European indices rebounded today driven by the references that come from Wall Street after the president of the Federal Reserve, Jerome Powell, assured yesterday that the body will do what is necessary and in the time that is necessary to combat the crisis caused by the coronavirus pandemic. Not even the worrying PMI data for services in the Eurozone (fell from 51.9 to 47.6) have stopped the rise in the European stock markets, above 1%.

The indices that registered the greatest increases are:

  • FTSE 100, with almost 2%
  • CAC 40, with a 1.8% increase

However, the euro has fallen to $1.17, and has now had four consecutive days down.

The IBEX 35, after four consecutive days down, rebounded 1.6% to 6,769 points after it was revealed that the Spanish GDP fell less than expected in the second quarter: 17.8% compared to 18.5% previously estimated. However, this data confirms that Spain is in a recession.

The Spanish index is the one that is suffering the most from the crisis caused by the coronavirus pandemic, with a cumulative fall of almost 30% so far in 2020. In the past five years, the IBEX 35 has only managed to close two years in the positive: 2017 and 2019.

Source: Admiral Markets MetaTrader 5. IBEX 35 CFD Daily chart. Data range: August 22, 2019, to September 23, 2020. Prepared on September 23, 2020, at 11:00 am. Keep in mind that past returns do not guarantee future returns.

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