Worldwide markets to recover on apparent COVID-19 vaccine and EU deal
Category: #headlines  By Nikita Chaurasia  Date: 2020-07-23
  • share
  • Twitter
  • Facebook
  • LinkedIn

Worldwide markets to recover on apparent COVID-19 vaccine and EU deal

Amidst the economic slowdown stemmed by the outbreak of COVID-19, sources with relevant information stated that the euro reached an 18-month high while the stock market is witnessing a steady progress. The recent surge in the currency came along the heels of successful trials of COVID-19 vaccine by Oxford University.

The euro, which rose by 0.6% to $1.1518, recorded its highest watermark since January last year and took advantage of a weakened dollar as well as the recent EU-wide rescue agreement.

This recovery can be credited to the deal between EU countries over a €750bn pandemic recovery fund. The proceeds will reportedly be disbursed to countries struggling with a negative trend in economic growth.

Reportedly, the FTSE MIB in Italy also ended on a higher note, driven by the relief among investors that its economy will benefit from new loans and grants from EU COVID-19 recovery deal. On the other hand, Spain’s Ibex and France’s Cac recorded a 0.2% high while the pan-European Stoxx 600 rose by 0.3% which was a four-month high.

However, the FTSE 100 remained unchanged at 6269.73 while other European shares soared.

Interactive Investor’s head of equity strategy Lee Wild was reported saying that FTSE remained cautious regardless of the upbeat reports about Oxford University’s successful trials of COVID-19 vaccine

Lee stated that FTSE 100 has primarily moved sideways since rising back to 6000 in May, with more concerns among investors regarding pushing the index too high, especially during a deep recession that my last through 2020.

For those uninitiated, Germany’s stock market index, the Dax, increased by 1% or gained 125 points and showcased a five-month high following the recent development. However, it fell back to some extent after reaching the peak. Meanwhile, the S&P 500 acquired around 17 points or rose by 0.5% to 3269, and the Dow Jones index was spiked by 1% reaching 26,964.

Source Credits –

https://www.theguardian.com/business/2020/jul/21/world-markets-surge-on-promising-covid-19-vaccine-and-eu-deal

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Nikita Chaurasia    

Nikita Chaurasia

Having always been daft at wordplay, Nikita Chaurasia, post the completion of post-graduation, commenced her journey into the content generation cosmos. Endowed with a professional MBA degree in Advertising and Public Relations, Nikita strives to integrate her creativ...

Read More

More News By Nikita Chaurasia

Facebook sued for failing to protect data in Cambridge Analytica breach
Facebook sued for failing to protect data in Cambridge Analytica breach
By Nikita Chaurasia

  The group taking the social media giant to court is ‘Facebook You Owe Us’. Facebook claims to have not received any documents pertaining to the lawsuit. American social media conglomerate Facebook Inc. has reportedly been sue...

Sony witnesses high demand for Play Station 5 through preorders
Sony witnesses high demand for Play Station 5 through preorders
By Nikita Chaurasia

Japanese multinational conglomerate Sony Corporation has reportedly witnessed a high demand for its PlayStation 5 (PS5) console with the pre-orders coming in at an unexpected pace. Market analysts claim that the company intends to lead the competiti...

London’s gearing up to deliver Covid-19 vaccine as early as next week
London’s gearing up to deliver Covid-19 vaccine as early as next week
By Nikita Chaurasia

The George Eliot Hospital NHS Trust, Warwickshire, is likely to receive the first batches of AstraZeneca’s and Oxford’s coronavirus vaccine on 2nd November. The revelation comes along the heels of directive to George Eliot Hospital NHS T...