European markets close sharply higher after Trump signs Covid relief bill into law
29 Dec 2020 | SET News
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European markets close sharply higher after Trump signs Covid relief bill into law
European markets rallied strongly at the start of the last trading week of 2020, as traders reacted to Brexit developments and President Donald Trump signing a $900 billion Covid-19 relief bill into law.
France’s CAC 40 rose 1.3%, the Swiss SMI rallied 1.8% and Germany’s DAX index finished up 1.5% on Monday afternoon. The U.K. FTSE 100 index was closed for the Christmas holidays.
Trump averted a government shutdown late Sunday, and extended unemployment benefits to millions of Americans. The signing came days after Trump suggested he would veto the legislation, demanding $2,000 direct payments to Americans, instead of $600. Stock on Wall Street rose on the news.
In Asia, shares of Alibaba in Hong Kong dropped more than 8% for the second straight session after Chinese regulators ordered Alibaba-affiliate Ant Group to rectify its businesses.
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