Germany's Bold Move Boosts European Stocks

In a significant development, the German parliament has given the green light to a reformed spending package amounting to €500 billion, propelling it to the Bundesrat. This decisive action has injected optimism across European markets, leading to a notable uptick in major stock indexes.

Economic Sentiment on the Rise

Adding to the positive momentum, Germany has reported a monthly increase in economic sentiment. Furthermore, the Eurozone has revealed a higher trade surplus for 2024 compared to the previous year, signaling robust economic health.

Market Highlights

The DAX index climbed by 1.05%, with Rheinmetall AG leading the charge with a 5.67% surge. The FTSE 100 wasn't far behind, marking a 0.29% increase, thanks to JD Sports Fashion PLC's impressive 4.72% jump. The CAC 40 enjoyed a 0.54% rise, bolstered by BNP Paribas's 3.20% leap. Meanwhile, the Euro Stoxx 50 gained 0.77%, with Bayer AG contributing a 4.08% increase.

Currency markets remained stable, with the euro and the pound sterling holding steady against the US dollar at 5:28 pm CET, trading at $1.09339 and $1.29939, respectively.