Categories: AgendaFashion

European Exchanges Rising in the Hope of Softening Corona Constraints

Though this optimism is a very cautious optimism… Yes, on the one hand, the expectation that the corona virus cases, especially in Italy and Spain, will settle on a certain plateau, and the expectation that the very strict prohibitions will be relaxed is achieved, but…

The aim is that the recently announced relationship worried financial projections continue to cause uneasiness in the rapid recovery of the economic conditions.

However, this morning, the European STOXX 600 index started the day with an increase of 0.8%. Maybe a small increase, but let’s remember the day before, the same index had lost more than 3% due to the historical collapse in oil prices.

The main reason for the rise, albeit hesitant, was the statements of the Italian Prime Minister Giuseppe Conte that the “stay at home” orders, which were carried out very tightly from May 4, could begin to be lifted. As it is known, Italy is the country that has suffered the greatest blow from the virus in Europe … There is a softening there, which strengthens the hope that other countries will follow the example of Italy in the near future and that this may re-energize the economy.

In April, the European STOXX 600 index was going towards recovery, albeit a little bit. Despite the slight move in the morning today, the index is still 24% below the record high in February.

Although the effect of corona virus can affect different shares in the index very differently. Kering, the owner of the world-famous Gucci brand, lost 6.3% in one day. The reason is that the Chinese market has an important place in the sales of the famous fashion company; The time when the Chinese market will gather itself is at least unknown for now.

On the other hand, the shares of the famous pharmaceutical company Roche Holding AG increased by 2.1%. The reason is that the company has announced that 2020 sales and profits will increase due to the increase in demand for COVID-19 tests.

ISTANBUL EXCHANGE

The BIST 100 index in the Istanbul Stock Exchange also started today with an increase in the morning after the fall yesterday. Towards the noon hours, the index gained more than 1% by closing the index again to 99 thousand levels at around 11.00 am. One reason for the appreciation of the BIST-100 index is the expectation of a new interest rate cut from the CBRT Monetary Policy Committee meeting to be held today, as well as the slight recovery in the world and especially European exchanges.

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