Europe closes higher amid recovery optimism

Wednesday, 03. March 2021 17:30

Major stock markets in Europe closed higher on Wednesday as several indicators showed the economic impact of the COVID-19 pandemic would not be as severe as expected. Bundesbank President Jens Weidman based such a statement on the effectiveness of mass vaccination programs. Eurozone saw an expansion of its private sector in February, while the United Kingdom's services experienced the slowest decline since November. Meanwhile, British Chancellor of the Exchequer Rishi Sunak presented a new budget, which included new restart grants for retailers and hospitality businesses.

The DAX closed 0.24% higher as Continental AG surged by 4.87%. The FTSE 100 advanced by 0.83%, with Barratt Developments PLC going up by 7.07%. The CAC 40 rose by 0.31% as Groupe Renault increased by 5.21%.

The euro lost 0.09% to the dollar to sell for $1.20782 at 5:26 pm CET. A minute later, the pound sterling gained 0.17% against the greenback, changing hands for $1.39902.

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Breaking the News / JR