on the crypto
European stocks have been experiencing ups and downs since the beginning of this week as investors are on the alert about the rise in coronavirus cases on the continent and around the world.
European indices
The Stoxx Europe 600 Index SXXP rose slightly by 0,1% to EUR 368. The index had closed up 1,24% on the week, but fell 1,2% on Friday. The German DAX 30 DAX, the French CAC 40 PX1, and the FTSE 100 UKX index were up 0,2% each.
Losses on Friday stemmed from weakness in travel documents, which were further affected by the UK's decision to add France to its quarantine list, news that sparked a wave of returning British tourists.
Several European countries, including France and Spain, are battling an increase in cases as the summer passes. Spain imposed new restrictions over the weekend, closing nightclubs and limiting smoking in public in an attempt to reverse the trend.
After losing ground on Friday, shares of British Airways owner IAG, Deutsche Lufthansa LHA and Ryanair Holdings RYA were down 3,08%, 1,62% and 0,69%, respectively.
The number of new cases of COVID-19 is fundamental
Neil Wilson, chief market analyst for Markets.com, said the number of new COVID-19 cases across Europe is the number one factor to stay focused on in the coming days, as it has the potential to reverse the nascent economic recovery. . US YM00 stock futures were rising.
On Friday, the DJIA Dow Jones Industrial Average posted a weekly gain of 1,8%, closing at about 5,5% since its record close on February 12, and the S&P 500 SPX was up 0,6%. The Nasdaq Composite Index COMP closed barely positive for the week, up 0,1%, but has so far posted 32 records in 2020.
Push up
Investors are struggling to find reasons to keep pushing stocks higher as global coronavirus cases soar and economies scramble - the US is one of the hardest hit countries.
The lack of help was a failure of US politicians to reach an agreement on possible economic support for citizens affected by the consequences of the coronavirus. Additionally, Reuters reported that the United States and China canceled a phase one trade deal review on Saturday, due to scheduling issues, and no date has been set for the talks.
The euro has arrived below 1,18 dollars, while bitcoin has confirmed itself just below 12.000 dollars (under 10.000 euros). In Italy, the increase in coronavirus cases is generating negative effects on almost all the stock of Piazza Affari.
Overall, banks are down, but at different speeds. Banco BPM lost 2,22% while Intesa Sanpaolo -1,56% and the MPS shares -1,02%. Unicredit reported a breakout of € 8,25, down 0,65% from the beginning of the week. Poste Italiane ended the week in the red, posting a 1,46% drop on Friday.
