European stocks started trading on Wednesday with more than 1% gain, recovering from yesterday’s losses caused by fears of a recession in the economy, when the euro fell back to its lowest level in two decades. Data from Statistics Germany released today showed factory orders rose 0.1% m/m during May, compared to an expected 0.5% decline driven by core orders, excluding those whose orders fell 0. 9%.
Investors are looking forward to the publication of the European Union Economic Outlook report, which will include economic assessments of the member countries of the European Union for the next two years, as well as the publication of the eurozone retail sales index. Members of the European Parliament voted for the introduction of the euro as the legal currency in Croatia from January 1, 2023. The Central Governor of Croatia is a member of the Board of Governors of the European Central Bank.
At the start of the session, the Stoxx Europe 600 rose 1.39% to 406 at exactly 10:06 Beirut time, while the UK FTSE rose 1.42% to 7125. The German DAX index rose 1.62% to 12,602 points, while the French CAC index rose 1.69% to 5,895 points.
Source: El Iktisad
