SEOUL, South Korea--(BUSINESS WIRE)--South Korean wealth management company, CW Holt Advisory analysts have commented saying that on Thursday, European stock markets climbed higher, boosted by indications that the coronavirus epidemic could be reaching its peak in some of the worst-hit countries, including the United States.
"European stocks grew, with London's FTSE 100 up 2.1 percent and the pan-European Stoxx 600 index up 1.7 percent trading above its mid-March lows by about 20 percent," reported Harry Stevens, Director of Private Clients at CW Holt Advisory.
The sudden shift in market confidence has come as investors welcome signs that COVID-19 infection numbers are lowering in some of the first European countries to see major outbreaks, including Italy and Spain.
There are hopes in the US that the death count this week may be the high-water mark, while President Trump remains vocal in his intention to open up the economy as soon as possible.
"On Wednesday, after the rate of increase of new US COVID-19 cases slowed for a fifth consecutive day, Wall Street stocks closed higher. During the session, the S&P 500 index gained 3.4 percent, placing it 22.9 percent above the March 23 nadir, a recovery that was nearly as extreme as the preceding sell-off," commented Peter Fitzroy, Director of Institutional Trading at CW Holt Advisory.
In New York, stocks were poised for further gains, with futures linked to the S&P 500 up 1.2 percent. Nonetheless, some of the largest banks on Wall Street have cautioned that while the central banks and governments interventions have seen off the worst of the volatility, there could be more problems ahead.
Analysts from CW Holt Advisory also noted that Oil prices increased elsewhere ahead of a meeting between Saudi Arabia and Russia, that lifted expectations of an agreement to curb supply and stabilize falling prices.
G20 oil ministers are expected to meet on Friday to address measures to help an industry where demand on the back of the coronavirus epidemic has dropped rapidly. The international benchmark, Brent Crude added 3 percent to USD 33.9 a barrel.
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