8 Jan 2016
European stocks rally as China recovery calms markets
FXStreet (Mumbai) - The stocks on the European bourses reversed steep losses seen in the previous session and jumped sharply higher, tracking the recovery in the Chinese indices after a slew of measures introduced by China in a bid to calm markets after the rout.
The Chinese authorities shelved the 7% circuit–breaker mechanism, while the country’s central bank refrained from yuan devaluation today. The Chinese equities saw wild swings before settling higher in the green. All three China’s indices closed over 2% up.
Germany's DAX 30 index rallies 0.77% to 10,054, while the UK's FTSE 100 index gains 0.68% to 5,994. Among other European indices, the French CAC 40 index rises 0.33% to 4,418, while the pan-European Euro Stoxx 50 index is up 0.48% to 3,099.
Markets digest the economic news from the Euro zone while remaining on the back foot ahead of the much-awaited US non-farm payrolls data due for release later in the NY session, which may show 200,000 new jobs in December, with the jobless rate steady at 5%.
The Chinese authorities shelved the 7% circuit–breaker mechanism, while the country’s central bank refrained from yuan devaluation today. The Chinese equities saw wild swings before settling higher in the green. All three China’s indices closed over 2% up.
Germany's DAX 30 index rallies 0.77% to 10,054, while the UK's FTSE 100 index gains 0.68% to 5,994. Among other European indices, the French CAC 40 index rises 0.33% to 4,418, while the pan-European Euro Stoxx 50 index is up 0.48% to 3,099.
Markets digest the economic news from the Euro zone while remaining on the back foot ahead of the much-awaited US non-farm payrolls data due for release later in the NY session, which may show 200,000 new jobs in December, with the jobless rate steady at 5%.