Wall Street pulls European stock markets up

(hooly-news.com) – European markets ended a third consecutive session in the green on Thursday, buoyed by the good performance of Wall Street, and after spending most of the day in negative territory. At the close, the CAC 40 thus recovered 2.51% 4,543.58 points and the Eurostoxx 50 rose by 1.70% to 2,847.78 points. In the United States, the Dow Jones and the Nasdaq gained 4.58% and 3.60% respectively during the session.

Last night, the United States Senate finally approved the $ 2 trillion plan to support the economy in the face of the coronavirus. According to a press release from the G20, whose leaders were holding a videoconference today, the various measures taken to support the economies represent a total of 5,000 billion dollars.

Added to this is the action of central banks. The ECB said last night that it would not apply its rules on limiting sovereign debt buyouts as part of its latest asset buyback program. And today, Jerome Powell said that the Fed still has room to act, before the Bank of England says it is ready to increase its asset purchases if necessary.

So many words that favored the recovery of the markets this afternoon, when they had folded this morning facing the risks of recession more and more palpable. And for good reason, weekly jobless claims exploded in the United States, from 282,000 to 3.28 million. Enough to fuel speculation around further stimulus.

On the securities side, Legrand (+ 5.86% to 61.04 euros), Suez (+ 3.09% to 10.01 euros) and Casino (+ 1.66% to 35 euros) were added to the procession of companies that have suspended their 2020 targets. In addition, the French distributor published a sharp drop in net profit for 2019.

For its part Renault (+ 5.78% to 19.368 euros) took advantage of a rumor of the entry into its capital of Mitsubishi. The aeronautical sector, with Airbus (+ 20.46% to 72.29 euros) and Safran (+ 12.12% to 91.92 euros), was also at the party.