Europe with the best day in three months
The underlying Old Continent Stoxx 600 index, after posting lows since February 2021 yesterday, rose 2.62% this Friday to 412.93 points. This is the biggest daily increase since mid-March. All sectors ended the day in the green, with technology up the most with 3.74%, followed by the media and food sectors.
Major markets in Western Europe also closed strong on a day marked by bargain hunters who took advantage of stocks becoming cheaper to invest in.
“We have seen signs that institutional investors believe that the European market has some value,” Joachim Klement, an analyst at Liberum Capital, told Bloomberg.
“We must remember that even in today’s rebound, not only cyclical sectors are leading the market, which indicates that this is a bear market rebound, but not the end of the bear market,” he further explains.
The Amsterdam stock market led the gains, with the AEX up 3.84%, the Paris CAC40 up 3.23% and the London Footsie 100 up 2.68%.
In an upward trend, Italian Footsie Mib jumped 2.33%, Spain’s IBEX35 added 2.62% and Germany’s DAX30 rose 1.59%.
