Europe closes higher despite COVID-19 fears, data

Wednesday, 04. March 2020 17:30

Equities on major European markets closed mostly higher on Wednesday after French Minister of the Economy and Finance Bruno Le Maire stated that the European Central Bank (ECB) should be prepared to utilize budgetary measures to counter the novel coronavirus' (COVID-19) negative economic consequences and stimulate growth.

Also, IHS Markit reported several mixed data. Eurozone Composite Purchasing Managers' Index (PMI) for February increased to 51.6, reaching a 6-month-high. The United Kingdom Services Business Activity Index declined 0.7 points in February while Germany's services sector growth slowed down in the same month.

The DAX increased by 1.19% at 5:45 pm CET as Vonovia SE took the lead, rising by 4.64% at the same time. London's FTSE 100 was 1.45% up at 5:35 pm CET. Reckitt Benckiser Group PLC was the best performer, surging by 5.60% concurrently. The CAC 40 grew by 1.21% at 5:30 CET as Engie jumped 4.23% at 5:31 CET.

The euro was 0.5% higher compared to the dollar at 5:33 pm CET, trading at 1.11247. The British pound stood flat against the American currency, going for 1.28068 one minute later.

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Breaking the News / TF