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EU Stocks Are On the Longest Bull Run Since 2013

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European stocks were higher on Tuesday. The EU stock market has been on a month-long winning streak; the last such uptrend was in 2013. The Stoxx 600 gained 0.2% at the London open. Technology and industrials were leading and pushed the index in London; the EU FTSE100 remains unchanged since the UK had a holiday on Monday. 

After the Fed Chair’s speech at the Jackson Hole symposium on Friday, investors were confident that US interest rates hikes would not occur anytime soon. Furthermore, the Chinese regulatory crackdown brought some risks to the markets. However, investors were not spooked. 

In addition, the EU has been pushing the vaccination rollout in Europe hard, which further gave investors reason for optimism. 

The European equity benchmark will gain 2.6% for August at the same time also the period when it hit many record highs. 

According to a portfolio manager at PineBridge Investments, the pandemic outlook seems optimistic, and the on and off reopening will start to fade out.

There is a lot to be optimistic about in the Eurozone. Germany’s unemployment figures were down for the fourth consecutive month. Businesses were able to hire back workers and rebound against the pandemic’s lockdowns. 

The continued monetary relief will be much-needed support for cheaper shocks in the interim. 

After the rise in Covid-19 cases in America, the European Union reinstated travelling bans from the US, and this caused airlines and other leisure stocks to decline on Tuesday. The 27-nation bloc countries, France, Italy, and Germany are reinstating the travel ban for US tourists. The leisure and travel sector led the decliners.

Individual stock movers

In terms of individual stocks, Bunzl Plc, the UK wholesaler, was down 1.5%. The CEO of Galapagos NV announced his retirement plans, and the stock rose by 5.7%.

The acquisition of Indian online payments service BillDesk by Proses NV caused again in the company’s stock. The deal is worth 345 billion rupees ($4.7 billion). This deal was the most prominent global acquisition in Asia to date. MetaNews to update further.

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Justin N. Richards

Justin N. Richards is a Florida-based technical analyst, market researcher, educator, and trader. Justin began his career in Chicago in 2001 performing futures market analysis for floor traders at the Chicago Board of Trade and the Chicago Mercantile Exchange. He also worked for numerous brokerage firms during that time, all of which hold him in high regard, and he has been providing outstanding analysis services for traders worldwide ever since. Mr. Richards is an expert in the area of market patterns, price and time analysis as it applies to futures, Forex, and stocks. In addition to these talents, he provides educational services for investors looking to improve their analysis and trade skills. Justin has a B.A. in Business Administration from UCLA and an M.S. in Financial Markets and Trading from the Illinois Institute of Technology. Justin’s professional experience, education, and discipline, not only make him an exceptional analyst, they point him out as a reliable, hard working and intelligent business strategist who is dedicated to his craft.
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