Covid Relief Bill, Earnings Data, Stocks

LONDON – European stocks were mostly up Thursday morning as markets react to positive momentum in the United States following the final passage of President Joe Biden’s $ 1.9 trillion Covid relief bill. .

The pan-European Stoxx 600 was up 0.2% in early trading, and tech stocks rose 1.5% to lead earnings, while banks fell 1%.

International markets are expected to react positively after the House of Representatives passed the $ 1.9 trillion stimulus package, sending it to President Biden, who is expected to sign the aid bill on Friday.

Read More: House Passes $ 1.9 Trillion Covid Relief Bill and Sends It to Biden for Signing

Asia-Pacific markets were broadly higher on Thursday, following a relatively strong finish on Wall Street overnight after the aid package was approved. US stock futures pointed to another positive open Thursday after the Dow Jones rose 464 points to an all-time closing high on Wednesday.

European markets will focus on the next move from the European Central Bank, which will meet on Thursday. In recent weeks, ECB officials have described the rise in bond yields as an “unwarranted tightening” and a situation that needs to be closely monitored.

Read more: Rising yields are creating problems for the ECB. And he’s divided on what to do

The ECB will make its last interest rate announcement at 12:45 pm London time and is due to release macroeconomic projections for the euro area at 2:30 pm London time.

European earnings came from Generali, Hugo Boss, Rolls-Royce, WPP, Morrisons and the John Lewis Partnership.

In terms of individual share price action, France’s EDF rose more than 7% to lead the Stoxx 600 in early trading, while British home builder Persimmon fell 4.6% to the bottom of the index.

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