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European stock markets rose Between 2 and 4% after the opening encouraged by the upward closure of Tokyo this morning and by the rebound in the futures on the US indices and while the countries most affected in the world by the new coronavirus pandemic register a drop in the number of deaths.
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At 9.30 GMT, Frankfurt up 3.8%; Milan 3.19%; Madrid 2.99%; Paris 3.8% and London 1.9%. The index Euro Stoxx 50, which reflects the evolution of the fifty most capitalized companies in the euro area, 2.7% advanced
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“European markets are trading higher because investors are ignoring pessimism,” said analyst Naeem Aslam of AvaTrade.
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“They are focused on more optimistic things: the decrease in the death rate caused by the coronavirus”he added.
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Spain, Italy and France registered a hopeful reduction in the death toll from the pandemic over the weekend, which has already killed 68,000 people worldwide.
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The Tokyo stock exchange rose 4.24% this Monday and US index futures were up more than 4% at this time.
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“Investors reacted positively to reports of a slowdown in the death toll in Italy and Spain,” Yoshihiro Ito, an expert at Okasan Online Securities, said in an information note.
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“But it is not yet clear if the outbreak will be contained.” added.
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Indeed, in Japan, the Prime Minister Shinzo Abe prepares to declare a state of emergency in some areas of the country, including Tokyo, where the number of infected continues to increase.
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Oil, still complicated
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The oil situation was still complicated. Monday, Crude oil prices fell sharply in Asia after a meeting between OPEC and Russia was postponed, which removes the possibility of an agreement that allows to sustain the prices.
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The barrel of Brent oil, benchmark in Europe, fell 2.9 % Y it was trading at $ 33.12, while the yield on German long-term debt rose three basis points to -0.402% and the price of the euro remained at $ 1,081.
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However, “the markets adopt a more optimistic tone ”because“ certain governments set Easter to begin to ease confinements ” says Jasper Lawler, analyst at London Capital Group.
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“Investors see this as the precursor signal for an exit from the tunnel of economic paralysis”he adds.
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On the other hand, the debt market remained stable, in a context of confidence in the support of central banks. The European currency was also stable against the dollar.
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But the week is announced very difficult for the United States –where unemployment rose to 4.4% and 700,000 jobs have been destroyed– which will have an impact on the entire planet in general and on the markets in particular.
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For Tangi Le Liboux, strategist at brokerage firm Aurel BGC, “A new phase of yo-yo”, with pronounced highs and lows, it seems to advertise for the markets.
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Also“The end of confinement will be long and laborious and it is not at all certain that the economy will return to the pre-crisis level, even for months, if the virus continues to circulate“He adds.
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