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European equity markets news: markets are mostly bullish

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market cap of european equity markets

European equity markets news: During today’s trading, European stock indices are mostly rising, except for the British indicator. The composite index of Europe’s largest companies, Stoxx Europe 600, rose 0.58% to 398.6 points.

German DAX gained 0.53%, French CAC 40 gained 0.52%, Italian FTSE MIB gained 0.44% and Spanish IBEX 35 gained 0.8%. This positively affects the market cap of European equity markets. 

European equity markets news – what’s going on? 

British FTSE 100 lost 0.35% in trading. International rating agency Moody’s (NYSE:MCO) on Friday changed its outlook on the United Kingdom’s rating to negative from stable due to the country’s “increasingly unpredictable political course amid worsening growth prospects and high inflation.”

Yesterday it became known that former British Prime Minister Boris Johnson will not fight for the position of leader of the Conservative Party and, accordingly, the head of the British government. This gives a good chance of victory to the country’s former finance minister Rishi Sunak, notes the Financial Times.

Support to other European markets on Monday was given by signals that the Federal Reserve (FRS) may slow down the rate of prime rate rise from December.

Credit Suisse is up 1.4 percent. The Swiss bank said today that it will pay €230 million to settle a long-standing case in France over irregularities in cross-border transactions.

Business activity in the euro zone continues to weaken. The composite purchasing managers’ index (PMI), calculated by S&P Global, fell in October to 47.1 points, its lowest since November 2020, from 48.1 points a month earlier, preliminary data showed. An index value below 50 points indicates a decline in activity.

The euro zone’s manufacturing PMI fell to its lowest since May 2020 of 46.6 points in October from 48.4 points a month earlier; the service sector indicator fell to 48.2 points from 48.8 points in September.

In Germany, the composite PMI fell this month to its lowest since early 2020 of 44.1 points from 45.7 points in September. Germany’s industrial and service sector activity indicators fell to their lowest since June and May 2020, respectively.

In France, the composite PMI fell to 50 points from 51.2 points in September, with the industrial sector activity index falling to its lowest since May 2020. In the UK, the composite indicator fell to 47.2 points from 49.1 points, and the manufacturing PMI also fell to its lowest since May.

Earlier we reported on the situation in the world stock markets.


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Growth is too low but focus must be on price stability – SNB’s Jordan

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ZURICH (Reuters) – Monetary policy should remain focused on price stability, Swiss National Bank Chairman Thomas Jordan said in remarks aired on Saturday.

Speaking to national broadcaster SRF, he said economic growth and productivity are too low and many countries are running too much debt and excessive deficits.

One of the most pressing challenges is insufficient growth, Jordan told SRF. Another is the need for structural reforms to increase countries’ productivity and boost growth, he added.

“In many countries the debt level is too high, deficits are too big,” Jordan said on the sidelines of the International Monetary Fund and World Bank spring meetings in Washington.

© Reuters. FILE PHOTO: Thomas Jordan, Chairman of the SNB, attends the press conference at the Swiss National Bank (SNB) in Zurich, Switzerland, March 21, 2024. REUTERS/Denis Balibouse/File Photo

“That cannot be sustainable and will have to be corrected in the future.

“It is very important that at the same time monetary policy remains geared towards price stability, rather than monetary policy being needed to finance debt, otherwise it will not end well.”

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US House passes $95 billion Ukraine, Israel aid package, sends to Senate

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By Richard Cowan, Moira Warburton and Patricia Zengerle

WASHINGTON (Reuters) – The U.S. House of Representatives on Saturday with broad bipartisan support passed a $95 billion legislative package providing security assistance to Ukraine, Israel and Taiwan, over bitter objections from Republican hardliners.

The legislation now proceeds to the Democratic-majority Senate, which passed a similar measure more than two months ago. U.S. leaders from Democratic President Joe Biden to top Senate Republican Mitch McConnell have been urging embattled Republican House Speaker Mike Johnson to bring it up for a vote.

The Senate is expected to pass the measure next week, sending it to Biden to sign into law.

A dozen or so Democratic lawmakers waved small Ukrainian flags as it became clear that element of the package was headed to passage. Johnson told lawmakers that was a “violation of decorum.”

Johnson this week chose to ignore ouster threats by hardline members of his fractious 218-213 majority and push forward the measure that includes some $60.84 billion for Ukraine as it struggles to fight off a two-year Russian invasion.

The unusual four-bill package also includes funds for Israel, security assistance for Taiwan and allies in the Indo-Pacific and a measure that includes sanctions, a threat to ban the Chinese-owned social media app TikTok and the potential transfer of seized Russian assets to Ukraine.

“The world is watching what the Congress does,” the White House said in a statement on Friday. “Passing this legislation would send a powerful message about the strength of American leadership at a pivotal moment. The administration urges both chambers of the Congress to quickly send this supplemental funding package to the president’s desk.”

Some hardline Republicans have voiced strong opposition to further Ukraine aid, with some arguing the U.S. can ill afford it given its rising $34 trillion national debt. They have repeatedly raised the threat of ousting Johnson, who became speaker in October after his predecessor, Kevin McCarthy, was ousted by party hardliners.

“It’s not the perfect legislation, it’s not the legislation that we would write if Republicans were in charge of both the House, the Senate, and the White House,” Johnson told reporters on Friday. “This is the best possible product that we can get under these circumstances to take care of these really important obligations.”

Representative Bob Good, chair of the hardline House Freedom Caucus, told reporters on Friday that the bills represent a “slide down into the abyss of greater fiscal crisis and America-last policies that reflect Biden and (Democratic Senate Majority Leader Chuck) Schumer and (House Democratic leader Hakeem) Jeffries, and don’t reflect the American people.”

© Reuters. Speaker of the U.S. House of Representatives Mike Johnson (R-LA) walks to the House floor from his office on Capitol Hill, April 20, 2024. REUTERS/Ken Cedeno

But Republican presidential candidate Donald Trump, who carries huge influence in the party, on April 12 voiced support for Johnson and in a Thursday social media post said Ukraine’s survival is important for the U.S.

The bills provide $60.84 billion to address the conflict in Ukraine, including $23 billion to replenish U.S. weapons, stocks and facilities; $26 billion for Israel, including $9.1 billion for humanitarian needs, and $8.12 billion for the Indo-Pacific.

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Ukrainian drones strike Russian fuel depot, substations in major attack

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By Tom Balmforth and Olena Harmash

KYIV (Reuters) -Ukraine attacked eight Russian regions with dozens of long-range strike drones, setting ablaze a fuel depot and hitting three power substations in a major attack early on Saturday, an intelligence source in Kyiv told Reuters.

The overnight attack, which was confirmed by the defence ministry in Moscow, comes amid a Russian airstrike campaign that has battered Ukraine’s energy system and pounded its cities in recent weeks.

Facing mounting pressure on the battlefield more than two years since Russia’s full-scale invasion, Ukraine has tried to find a pressure point against the Kremlin by targeting oil refineries and energy facilities inside Russia using drones.

“At least three electrical substations and a fuel storage base were hit, where fires ignited,” the Ukrainian source said, citing social media videos showing fires raging at different locations.

The source said the facilities were targeted for supporting Russian military industrial production.

Russia’s defence ministry said it shot down 50 Ukrainian drones, including 26 in the Belgorod region, 10 in the Bryansk region, eight in Kursk region, two in Tula region as well as one in each of the regions of Smolensk, Ryazan, Kaluga and Moscow.

Vyacheslav Gladkov, the governor of Russia’s Belgorod region which borders Ukraine, said two civilians were killed as a result of the attack.

The strike targeted a fuel energy facility in the western Smolensk region’s Kardym district, hitting a reservoir with fuel and oil lubricants, the local governor confirmed.

“As a result of the work of air defence forces, the aircraft were shot down. However, as a result of falling debris, a tank with fuel and oil lubricants caught fire,” he said, adding that firefighters were battling to put out the blaze.

It was not clear if anyone had been hurt, he said.

ALL EYES ON AID BILL

On Saturday, Ukrainians waited in anticipation for a vote in the U.S. House of Representatives that could finally help unlock more than $60 billion in aid for Ukraine that has been held up for months.

The governor of Dnipropetrovsk region, Serhiy Lysak, said a Russian attack killed a man near the city of Dnipro while Russian artillery hit areas near Nikopol, a frequent target opposite the Russian-held Zaporizhzhia nuclear power plant.

In southern Odesa region, Governor Oleh Kiper said a missile attack on the port city injured three people, including a child. A military statement said three missiles had been intercepted.

Reuters could not verify independently battlefield accounts from either side.

Almost 26 months since the 2022 invasion, Russia is slowly advancing in eastern Ukraine and has ramped up its bombardments of cities and towns behind the front lines.

Just this year, Ukraine had been attacked by almost 1,200 missiles, more than 1,500 drones and 8,500 guided bombs amid a slowdown in Western military assistance, President Volodymyr Zelenskiy said on Friday.

Unable to rapidly produce long-range missiles and with limited access to those made by Western allies, Kyiv has focused on developing long-range strike drones to hit back. Russia has a sprawling arsenal of missiles and drones.

The overnight drone attack was a joint operation conducted by the Ukraine’s SBU security service, the GUR military intelligence agency and the Special Operations Forces, the source said.

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