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5/10, 5:32 PM (Source: TeleTrader)
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Europe closes mostly flat on estimates of long recovery

Major European equity markets closed mostly flat on Monday, on estimates of a long economic recovery. ECB's Philip Lane said that Eurozone's GDP will not return to its pre-pandemic levels until spring 2022, while the employment will restore only by 2023. The investors also reacted to the remarks of the Scottish First Minister, who stated that another independence referendum is "inevitable" and a "matter of when, not if".

The British pound, however, reached its highest point against the dollar since February 25. Meanwhile, the Eurozone investor confidence improved in May, hugely exceeding expectations and reaching the highest level since March 2018. Some countries, such as the United Kingdom, Spain and Germany have eased their pandemic restrictions and lifted the curfew.

The DAX gained 0.01% at the closing bell, led by Fresenius growing by 3.85%. The FTSE 100 was down by 0.09% as Scottish Mortgage Investment Trust plunged by 6.21%, while the CAC 40 was flat, climbing by 0.01% into the green with Credit Agricole increasing by 3.93%. The euro remained flat against the dollar, trading 0.02% in the red for $1.21616, while the British pound advanced by 1.07% to exchange hands for $1.41383 at 5:28 pm CET.

Breaking the News / LH