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Europe: Stocks pause after rally, ECB stimulus boosts banks

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[BENGALURU] A strong rally this week in European stocks stalled on Thursday as investors locked in profits, although euro zone banks surged after the European Central Bank ramped up its stimulus programme to prop up the coronavirus-hit economy. Read more at The Business Times.

"Monday, Tuesday and Wednesday were a great run with the expectation of additional easing," said David Madden, market analyst at CMC Markets."We got that and now it seems that traders are taking the money off the table for now."

Germany's coalition parties agreed a 130-billion-euros stimulus package to speed recovery on Wednesday, but shares in Daimler and Volkswagen fell between 1 per cent and 2.5 per cent as the measures favoured electric cars. Airbus jumped 5.2 per cent after a report said it was looking to hold underlying jet output at 40 per cent below pre-pandemic plans for two years, an approach which adds new pressure to cut thousands of jobs.

 

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