European stocks jumped by nearly 10 per cent after today’s market open, on news that the European Commission would give a helping hand to the struggling European economies in the form of monetary stimulus.
The big news from the day, however, is that Germany is going to loosen up its spending plans and boost its own liquidity by 500 billion euros.
“KfW, the German state bank, can lend up to 550 billion euros ($610 billion) to companies to ensure they survive the pandemic and shield their workers from its impact, Economy Minister Peter Altmaier said at a briefing in Berlin.”
The German government’s proactive stance is illustrative of the efforts by European governments to prevent further negative spillovers in the Eurozone’s economy.
Moreover, it demonstrates the German government's readiness to step up on its efforts if necessary and combat the economic fallout from the COVID-19's spread.
Initially, the news was received with a certain dose of enthusiasm amongst local investors, and momentarily the DAX extended its gains past the 10 per cent mark, however, those quickly receded in the following hours.
As of now, the index stays at +2.65 per cent daily profit.
DAX 5Min Price Chart. Image source: Trendsharks ©, created with TradingView.com
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