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Day at the EU stocks: some cash out and ECB made the day

The European stock markets closed on Thursday with small losses. Investors took their profits after the strong stock market rally in the recent period. The market also processed a new interest rate decision from the European Central Bank (ECB). Additional support measures were announced in the process. The central bank will purchase additional bonds worth hundreds of billions of euros to mitigate the economic impact of the virus outbreak.

The AEX index in Amsterdam ended 0.4 percent lower at 559.13 points. The MidKap did win, by 0.5 percent to 772.96 points. The stock exchanges in Paris, Frankfurt and London lost up to 0.6 percent.

Banks ABN AMRO and ING were among the biggest winners in the main funds with gains of up to 1.6 percent. Retail real estate company Unibail-Rodamco-Westfield closed the line with a minus of 4.3 percent. This share has been very volatile lately, due to the news flow around store closings and the gradual relaxation of corona measures, which means that many shops can open again.


Furthermore, Renewi was worth almost 5 percent less on the local market after publication of the annual figures. As a result of the corona crisis, the company processed less waste and will continue to cut costs.

Elsewhere in Europe, Bayer drew attention with a 4 percent price loss. The chemical company was faced with a new setback in its weed killers in the United States. A judge has decided to ban the pesticide ‘Dicamba’ from the US market. Dicamba is controversial because it spreads easily through the air and can kill nearby crops.


In Frankfurt, automakers BMW (plus 0.2 percent), Volkswagen (plus 0.1 percent) and Daimler (minus 2.5 percent) were also in the spotlight. In the new aid package, the German government increased subsidies for electric cars, but waived the purchase subsidy for diesel and petrol vehicles.

Adidas climbed almost 2 percent. The German sportswear manufacturer stated that sales in China are again growing. And in Paris, Rémy Cointreau won over 11 percent thanks to better-than-expected results. The French beverage producer also expects a strong recovery in the second half of the year.

The euro was worth $ 1.1314, up from $ 1.1244 a day earlier. A barrel of American oil cost 1.3 percent less at $ 36.81. Brent oil became 0.6 percent cheaper at $ 39.55.

Paolo Sorbello

Paolo Sorbello is a journalist and researcher. He is a PhD candidate at the University of Glasgow, studying state-business relations in Kazakhstan, Kyrgyzstan and Russia. He is also the Business News Editor of the weekly newspaper The Conway Bulletin.

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