European Stock Indexes Rose On The Weakening Of The Euro
Major European stock indexes closed Wednesday's trading in positive territory, mainly due to the depreciation of the Euro against the dollar, as well as individual corporate stories, according to data from the sites.
At the end of trading, the British FTSE 100 index rose 1.2% to 5899.26 points, the French CAC 40 — 0.62% to 4802.26 points, the German DAX — 0.39% to 12642.97 points.
The noticeable weakening of the Euro against the dollar today was caused, on the one hand, by the strengthening of the US currency as a more reliable asset against the background of uncertainty around the new coronavirus, and on the other — by macro statistics. Thus, the composite index of business activity in industry and services (PMI) in the Eurozone, the UK, and Germany in September was worse than expected.
A cheaper Euro supports the relative earnings of exporting companies, which leads to an increase in the value of their shares.
Also, according to the quarterly financial statements of the American manufacturer of sports shoes and clothing Nike, the company's sales for the reporting period were higher than expected, and online sales increased by 82%.
As a result, the securities of German sports equipment manufacturers Adidas and Puma on the Frankfurt stock exchange increased in price by 4.5% and 3.5%, respectively.