UK financial relief and the Federal Reserve cheer investors
European markets closed positively. Investors followed the measures the UK intends to take to preserve the economy. In addition, relief also came with the minutes of the Federal Reserve meeting.
European indicators
The Stoxx Europe 600 Index rose 0.78% to 437.71. The FTSE-100, the London Stock Exchange, rose 0.56% to 7564. The FTSE MIB, the Milan Stock Exchange, rose 1.22% to 24546. The Ibex 35, the Madrid Stock Exchange, rose 1.47% to 8888. The PSI-20, the stock exchange Lisbon, up 1.95% to 6305.
According to international news agencies, the financial support for the UK government will amount to 15 billion pounds (about 19 billion dollars). The amount will be in the form of a credit to help residents pay basic bills, especially electricity.
Finally, the minutes of the latest Federal Reserve meeting, which was released after European markets closed, ended up easing investor sentiment as well. The Fed reiterated its commitment to the 0.50% interest rate for the upcoming meetings. However, the negative result of the US GDP for the first quarter of 2022, which was released today, also increased the possibility that the Fed will not be aggressive in terms of interest rates. US GDP fell 1.5%, when analysts had expected a 1.3% decline.
The European calendar was empty with the holidays.
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