FRANKFURT / LONDON (IT BOLTWISE) – European stock markets are starting the week with a significant increase as an end to the government shutdown in the USA becomes apparent. The DAX exceeds the 24,000 point mark, while cyclical sectors such as technology and banks are making strong gains.
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European stock markets are experiencing a significant upswing at the beginning of the week after the government shutdown in the USA appears to be coming to an end. This development has increased investors’ willingness to take risks, which is reflected in an increase in the DAX by 1.8 percent to 24,003 points. The Euro-Stoxx-50 also recorded an increase of 1.7 percent to 5,664 points.
Cyclical sectors such as technology, banking and mining stocks are all posting gains of over 2 percent. In contrast, telecom and real estate values remain almost unchanged. The euro is stable at $1.1573, while bonds remain largely unchanged. Hopes for a resolution to the 40-day budget dispute in the United States received a boost over the weekend after the US Senate passed the first phase of an agreement.
That agreement would fund the U.S. government through the end of January without extending the expanded Affordable Care Act subsidies demanded by Democrats. This federal law, also known as “Obamacare,” gives more than 20 million low-income households access to affordable health insurance. The Republicans also appeared willing to make concessions, which pushed the negotiations forward.
In Germany, purchase recommendations provided additional impetus. Commerzbank recorded the largest gain in the DAX with an increase of 5.9 percent after Deutsche Bank upgraded the value to “buy”. Siemens Energy rose 5.5 percent, supported by a buy recommendation from Jefferies. The energy company is benefiting from continued demand for its products as Europe and the US modernize their power grids.
Other companies such as Siemens and Suss Micro were also able to benefit from positive analyst ratings. Siemens is planning a spin-off from Siemens Healthineers, which could further support the share price. Overall, the market is optimistic that the current developments in the USA and the positive corporate news in Europe could lead to a stable upward movement.
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