8/19/2019, 9:06 AM (Source: TeleTrader)
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Equities in EU rally with economic stimulus hints

Sentiment was upbeat in the markets on Monday upon the opening bell on stock exchanges in Europe while oil jumped and safe havens were sidelined. Gold slipped and government bonds of Germany and the United States retreated, meaning yields were off the lowest levels ever or in several years after Olaf Scholz, minister of finance in the cabinet of Chancellor Angela Merkel, expressed readiness to approve €50 billion more in spending in case of a downturn. While vowing to take action if necessary, he still said finances must be disciplined. Of note, risk appetite was especially buoyed by China's tax reform in the corporate sector.

The FTSE 100 index jumped 0.77% in London in the first minutes of trading where Antofagasta was the best stock, gaining 2.58%. The German DAX surged 1.02%, led by a 3.44% bounce in Deutsche Bank. The troubled lender dropped to a record low in the previous session. The CAC 40 was 0.89% in the green with ArcelorMittal jumping 2.65% to the top of the pile after last week's trough of almost three and a half years.

Gold fell 0.41% at 9:05 am CET to $1,507 per ounce. The euro was flat at $1.10914 and £0.91322. The pound was also unchanged, selling for $1.21453.

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